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Saturday, October 25th, 2014
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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 .....
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Engagement - Snyder ~ Meisch

Fri, Jul 18th, 2014
Posted in Rushford Social Scenes

Amber Rae Snyder and Christopher John Meisch are pleased to announce their engagement and upcoming marriage. Amber is the daughter of Mary Ann and Marlin Carrier of Rushford, Minn. and the late Kerry Snyder. She is a graduate of Rushford-Peterson ..... 
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Rushford-Peterson schools receives books to promote early literacy

Thu, Jul 10th, 2014
Posted in Rushford Education

Owatonna, Minn. - Rushford-Peterson Schools was one of 29 organizations to receive donated books through Southern Minnesota Initiative Foundation’s (SMIF) BookStart program, a partnership between SMIF and Capstone. This grant program, which awarde ..... 
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Rushford Grace Place is pleased to announce their 4th annual Rushford Grace Place silent auction with funds donated to Thrivent

Thu, Jul 10th, 2014
Posted in Rushford Business Announcements

Grace Place is once again celebrating Rushford Days with their 4th annual silent auction. This year the location will be at the Sterling Pharmacy location at Norsquare 115 W. Jessie Street Rushford, directly across the street from Grace Place hours ..... 
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The ABC's of bees

Mon, Jul 7th, 2014
Posted in Rushford The Great Outdoors

A free beekeeping class, “The ABC’s of Bees,” will be held Wednesday, July 9, from 5-6 p.m., at Creekside Park in Rushford, Minn., in the small pavilion. The class is part of an ongoing educational and community effort by the Rushford Peterson ..... 
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Rushford-Peterson Schools School Board Election for Fall 2014

Mon, Jul 7th, 2014
Posted in Rushford Education

The school board elections will take place with the fall general election to be held on Tuesday, November 4. There will be three openings on the Rushford-Peterson Board of Education and the terms will be for four years. Angela Colbenson, Daniel Muns ..... 
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Tri-City Challenge

Mon, Jul 7th, 2014
Posted in Rushford All

Announcing the first annual Rushford Peterson Valley Tri-City Challenge and Conquer the Bluff in Rushford, Minn. on October 3 and 4, 2014. Proceeds will benefit the Foundation for Rushford Peterson Schools. The Foundation for R-P Schools strives t ..... 
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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 ..... 
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Highway 43 construction begins in Rushford

Fri, Jun 27th, 2014
Posted in Rushford The Great Outdoors

ROCHESTER, Minn. – Motorists will encounter a detour in Rushford when construction begins soon on Highway 43 in a project that will replace the street and improve curb, gutter, sidewalks and utilities along a one-mile stretch in the city, accordin ..... 
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