Petersburg Industrial Development Corporation representatives Jim Leifeld, Ross Knott and Monte Reicks approached the board requesting funding for the new addition.
Knott stated Doug and Angie Koch had signed a purchase agreement and the paperwork will soon be completed.
Bills are starting to come in and it’s time to move forward.
The corporation requested $85,000 from their portion of the Petersburg sales tax. They expect to use $82,000 immediately with extra costs coming in soon.
He noted that when the sales tax was enacted, they had projected about $2,000 a month income. However, Knott added, we have been very lucky in getting well over that for many months. The money we’re using will be paid back to the village and hopefully the new addition will add to the village revenue. This is an increase from the last project, but times are changing. There is some solid interest in purchasing lots which will sell for $16,000. Board members approved the cost and pay back.
Ross Knott, BCDA member, noted the agency had sold the Seda property–a parcel of land in the area near Kayton’s at Albion–for development.
Read the full story in the Nov. 13 Petersburg Press print and e editions.