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kingsbury loan restructured

Thursday, September 21, 2017 15:03 PM
Written by Stan Maddux
Category: Local News

The LaPorte County Commissioners have restructured a loan used to

put in a rail spur at Kingsbury Industrial Park.

The decision was made last evening.

Several years ago....the county used six million dollars from the lease

of the Indiana Toll road to put in a rail spur hoping that would lead to

major development at the park.

There's been some development but not a lot.

The hope is to generate enough money from new development so

the county can pay itself back.

The decision last night will use the first half million of those funds each year

to further develop that and one other economic development site....

The rest will then go toward paying down the loan.

Commissioner Dr. Vidya Kora said the move provides cash to use for helping to make

developments more shovel ready and attract investors.

Commission president Rich Mrozinski says it's like having to prime the

pump.....but in this case it's money to help prepare sites for bringing in 

new investment.

The funds generated would come not just from Kingsbury but development

from upgrades being made along U.S 421 at Interstate 94./