ANGOLA – Steuben County Commissioners approved a $ 1 million loan for the Lake George area on Monday.
The 3-0 commissioners agreed to provide a $ 1 million loan to work on the Lake George Dam, which regulates the lake’s level.
“It will help them so they don’t have to mess around and we can invest in the community,” said Board of Commissioners President Wil Howard.
The money will come from the County Transportation Fund for Large Movements, which has been used in the past for loans to various organizations in the community.
At a meeting on July 6, it was estimated that the project would cost about $ 900,000, including engineering work, embankment slope reduction at the dam, and extension of the spillway walls.
Officials hope the final cost will be less than $ 900,000.
The Conservancy and the Lake George Cottage Owners Association are seeking a grant from the Federal Emergency Management Agency and possibly funding from Branch County, Michigan. About 40% of the lake is in Michigan and the rest is in Indiana.
The protected area was created in 2018 to work with the dam, through which the ring road passes since 1946.
The interest rate on the loan is 2%. The money will be returned to the county through an appraisal charged to owners of properties around the lake.
It has been estimated that the contributions will bring in about $ 100,000 per year. With interest, it was calculated that it would take 12-13 years to repay the loan.
Since the work will be completed within a couple of years, the loan will be formalized as a building loan that can be obtained when building a house; draws will be withdrawn from the cash basket as invoices are received during the construction of the project.
Don Stuckey County Attorney will prepare a draft loan agreement for approval by the Commissioners, Steuben County Council and Lake George Groups.