Breckenridge City Council approved two Minnesota Investment Fund (MIF) loans for local businesses on Monday, Oct. 4 at City Hall.
As previously reported, the Breckenridge Port Authority recommended to the council the approval of $26,250 to Jodi Beyer for Breckenridge Drug and $75,000 to Adam Borgerding for Bruders’ Butcher.
Beyer will use her MIF loan to buy out the remaining shares of Breckenridge Drug from her business partner so that she can become the sole owner of Breckenridge Drug. Additionally, Beyer has tentative plans for repairs and remodeling.
The Port Authority recommended that a loan of $26,250 with a 5 percent closing fee of $1,312.50 be given to Beyer. Additionally, an interest rate of 2 percent with a loan term of 10 years was recommended. The council approved the loan recommendation unanimously.
Borgerding will use the amount approved to start a meat market in the old Dairy Queen building along Highway 75 in Breckenridge. He intends to remodel the existing building to cut and package fresh meat with some minor cooking as well. Borgerding plans to have the building remodeled and ready to open on Dec. 1, 2019.
The Port Authority recommended that a loan of $75,000 with a 5 percent closing fee of $3,750 be given to Borgerding. Additionally, an interest rate of 2 percent with a loan term of 10 years was recommended. The council approved the loan recommendation unanimously.
MIF is a revolving loan fund which the city has the ability to provide to expanding and new businesses. Port Authority reviews the applications and recommends those to the council.
In other council news, a resolution to designate polling places for elections held in Breckenridge in 2020 was approved.
Voting precincts and polling places are as follows:
• Precinct 1: Breckenridge Park Manor, 200 Park Avenue
• Precinct 2: Breckenridge Senior Center, 225 South 5th Street
• Precinct 3: Breckenridge High School, 710 13th Street North
Mayor Russ Wilson mentioned to the council that the community is welcome to attend the Breckenridge school’s Veterans Day event. The event will be held at 9:30 a.m. on Monday, Nov. 11 at the high school. Doors will open at 9 a.m. and the school asks for the community to enter the building via door number two.
“It’s always been a great program and I’d love to see you all there,” Wilson said.
The next city council meeting will be held at 5 p.m. on Monday, Nov. 18 at City Hall.