Polk-Burnett supports construction of Grantsburg Fire Station with $360,000 economic development loan
Polk-Burnett Electric Cooperative was awarded a $300,000 rural development grant from the U.S. Department of Agriculture (USDA) August 6, 2013, to help finance construction of a new fire station for the Grantsburg Fire Association. The station will serve the Village of Grantsburg and five surrounding Towns in Polk-Burnett’s service territory, including Anderson, Grantsburg, Trade Lake, West Marshland and Wood River.
Polk-Burnett will provide the funds to the Grantsburg Fire Association as a zero-percent-interest loan, and will supplement the $300,000 from USDA with a 20-percent matching loan approved by Polk-Burnett’s board of directors August 26, for a total of $360,000 provided for the project.
“Fostering growth in our region is part of our mission as a cooperative, and we’re pleased to partner with the Grantsburg Fire Association in this effort,” said Bill Schmidt, general manager of Polk-Burnett Electric Cooperative.
“The zero-interest loan from Polk-Burnett is one part of the financing for the fire station project, and it provides significant cost savings for taxpayers in the fire district,” said Derek Zeiler, Grantsburg fire chief and U.S. Bank assistant vice president.
Once the loan is paid by the Grantsburg Fire Association, USDA grant funds can be used over and over again by Polk-Burnett Electric Cooperative to help finance other economic development projects in our area through a revolving loan fund, explained Schmidt.
“We’re excited to receive this USDA funding; this is an opportunity for us to make a difference in our community,” he added. “Economic development helps create good local jobs and improves the quality of life in our service area.”
Polk-Burnett is a local, member-owned Touchstone Energy Cooperative. It was established 75 years ago with lines, poles and the notion that we all prosper by helping each other. Today, the cooperative spirit continues, and Polk-Burnett delivers electricity to 20,000 members, while supporting our local communities.
Read more about Polk-Burnett Electric Cooperative's commitment to economic development.