"Where Fillmore County News Comes First"
Online Edition
Wednesday, July 30th, 2014
Volume ∞ Issue ∞
 
1 | 2 | 3 | > | >>

Rushford EDA revamps forbearance terms


By Kirsten Zoellner

Fri, Jul 18th, 2014
Posted in Rushford Government

There’s no denying that the Economic Development Authority’s revolving loan fund has done great things for Rushford’s economic growth. At least two past audits have garnered praise for its efforts. Still, there is room for improvement, as noted by recent EDA discussions. According to EDA Chairman Tom Driscoll, the entity is currently revamping terms of forbearance and looking at accounts that are currently in forbearance.

The EDA has opted to go through process of acknowledging default, upon legal advice, of accounts that are in forbearance and non-compliance with loan terms. “The EDA has decided to start using the d-word, default, in terms. It puts in potential liability,” noted Driscoll. “’Default’ comes with a tremendous amount of weight.”

Three companies are currently in default of the terms of their forbearance. EDA conclusion has been to acknowledge the default, then allow time for companies to cure the default. If the default is not cured, the EDA has futher options. With the new terms, the EDA is asking for an exit strategy from forbearance. Companies will continue to be asked for details of milestones and financial documentation as the EDA continues to aid in managing the situation.

GForce Digital Technologies, LLC (formerly GForce Ink, LLC) has been in forbearance for 40 months. Payments were being made, but stopped. The company has requested 18 months additional forbearance. The EDA countered with 12 months additional to allow time to help negotiate and manage the situation. The business has complied with all other terms.

Another option available to the city is the use of a forensic accountant to determine the viability and worth of security on the loan. “A five year old loan is about as relevant as a five-year old cell phone. It’s changed a great deal since the beginning,” noted Driscoll referring to the changing nature of technology in business.

“We’re concerned about security position and asking, if it becomes necessary, to engage forensic accountant to make sure security is still there and still valid to make sure we’re collateralized properly,” added City Administrator Steve Sarvi. The city would front cost of audit, then the cost would go on back of the loan. The expected cost of an audit first look is estimated at $10,000. To dig into company worth, including worth of patents and code, the cost could reach $20,000-30,000. “We’re not .....
[Read the Rest]

Rushford grabs opportunity during project

By Kirsten Zoellner

Fri, Jun 27th, 2014
Posted in Rushford Government

With the Highway 43 Project slated to begin Monday, June 30, the Rushford Electric Commission is considering expanding lighting upgrades along the highway corridor. The lighting will be temporarily removed for the project, so the commission will sei ..... 
[Read the Rest]

Rushford preps for Highway 43 project, deals with illegal dumping

By Kirsten Zoellner

Fri, Jun 13th, 2014
Posted in Rushford Government

Indications of the impending road project are starting to become noticeable and the city is making strides to make sure that local traffic and visitors know that the city businesses are open. Large construction signs bearing “Road Closed” warnin ..... 
[Read the Rest]

Rushford approves Hwy. 43 bidder, moves financing forward

By Kirsten Zoellner

Fri, May 30th, 2014
Posted in Rushford Government

The start of the anticipated Highway 43 project through the heart of downtown Rushford is drawing closer. Sealed bids were opened May 22 and the bid was awarded May 27 to McHugh Excavating of Onalaska, Wis. in the amount of $2,969,218. The amount di ..... 
[Read the Rest]

“Continued, slow and steady improvement” for Rushford funds

By Kirsten Zoellner

Mon, May 19th, 2014
Posted in Rushford Government

The city received their annual audit report at the Monday, May 12 meeting from Smith Schafer & Associates and it appears the city is moving in the right direction. There has been no increase in the tax levy in the last three years and the city has ..... 
[Read the Rest]

Rushford moving forward with business incubator plans

By Kirsten Zoellner

Fri, May 2nd, 2014
Posted in Rushford Government

While the Business Incubator Plan is still in draft stages, the city and Economic Development Authority (EDA) are moving forward in seeking grant funding to get the ball rolling. At the Monday, April 28 council meeting, EDA chairman Tom Driscoll took ..... 
[Read the Rest]

Rushford jumps more hoops

By Kirsten Zoellner

Fri, Apr 18th, 2014
Posted in Rushford Government

Following a lengthy process, several years in the making, to formally certify the levee system, the city has once again found itself at the mercy of FEMA requirements. While the process to recertify the levee is underway, FEMA elevation mapping on th ..... 
[Read the Rest]

Rushford Peterson Valley Farmers’ Market set to begin May 7

By Angie Rodenburg

Fri, Mar 28th, 2014
Posted in Rushford Government

During the Rushford City Council meeting on March 24, the council was given an update by Chief of Police Adam Eide. Chief Eide told the council that the Chevy Caprice squad car will be used as a demonstration model. The advantage of being a demonstr ..... 
[Read the Rest]

Rushford ends union battle

By Kirsten Zoellner

Fri, Mar 14th, 2014
Posted in Rushford Government

More than one year after the city council first made the decision to set the date for termination of Public Works employee Curt Courrier, the ongoing saga is over and Courrier is back to work for the city. In and prior to December 2012, Rushford ..... 
[Read the Rest]
1 | 2 | 3 | > | >>