The Pipestone Economic Development Authority ( ) Board, during its October 11 meeting, approved a loan application for the Pipestone Family , a report said.
Thewill use the $10,000-loan to finance connections for 25 .
The changes are expected to generate more revenue for theowned by Aaron and Ashley Olund. In September, the Board appointed board members Jim Stout, Dave Kor, and Myron Koets to a subcommittee to meet with the Olunds regarding their loan application.
Stout said that the committee gave a couple of ideas to the Olunds, which they appeared to “take to heart.” He also said that he was in favor of the loan’s approval.Board Chair Kevin Paulsen said he’d only heard positive feedback about the .
Board member Robert Woodbury stated that his primary worry was flooding that could occur at the property. Ashley Olund said that the area they intended to improve was not a flood-prone area.
The $10,000 will be used to purchase PVC pipe, couplers and angles, 25 screw-on ends and caps, and excavation work. Kor added that family members of the Olunds plan to finance the upgrades as well.
Jeff Jones, the city administrator, said thegenerally provides a one-year grace period before the loan’s repayment starts. After that, the loan has to be repaid over three years, with a three percent interest. The accepted the request under the same conditions.