| August
2006
For Immediate Release
Contact: Dave Gruenes, District
Manager
7341 Old Hwy. 52 St. Cloud, MN 56303
Phone-(320) 259-6601 or 1-800-448-1737
Fax-(320) 259-7099
dgruenes@stearnselectric.org
Stearns
Electric Association to Assist Albany and Eden Valley
The Cities of Albany and Eden
Valley will each receive financing for new city projects
from Stearns Electric Association and the USDA Rural Economic
Development Grant
(REDLG) program. The Cities will each receive a $360,000 loan
for a period of 10 years
at 0% interest. Each City will save local taxpayers over
$100,000 in financing costs with
the proceeds of these loans. The City of Albany will use the
funds as part of their
financing for a new water treatment facility. A new fire and
rescue hall will be built in
Eden Valley.
“Our community has been working
on this project for over two years and with Stearns
Electric’s help and other sources we are able to move forward,”
said Jamie Thelen, City
of Albany Mayor. “The loan is definitely a big boost and is
helping to making the project
move forward.”
“The new facility will provide
more space for vehicles and room for training,” said Mona
Haag, Eden Valley City Administrator. “Not only will the city
benefit from the new fire
and rescue hall, but also the five surrounding townships we
serve.” The project is
expected to be complete by the end of the year.
Electric cooperatives like
Stearns Electric Association can apply to the USDA REDLG
program for loans and grants to assist community development
projects and business
start-ups and expansion. For the Albany and Eden Valley
projects, $600,000 comes from
the USDA with a 20% match in the amount of $120,000 from the
Cooperative. Once the
funds are repaid, Stearns Electric Association retains the funds
in a revolving loan fund to
assist businesses or to finance other municipal projects.
Stearns Electric Association is a
Touchstone Energy® electric cooperative providing
electricity to over 23,000 members in parts of the following
counties: Stearns, Todd,
Morrison, Kandiyohi, Pope and Douglas. In addition to the
headquarters in Melrose, the
Cooperative operates a district office in St. Cloud.
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