B.E. Council Decides on Financing for New City Hall Building

At Tuesday’s Blue Earth City Council meeting, the Council decided which direction they would go, regarding the financing of the old Wells Fargo Bank building, which will become the new home to City Hall.

Mayor Rick Scholtes says there were a couple of options.  One was a USDA loan which would get them a 40 year loan at 3.75% interest or regular bonding at 20 years for 4% interest.

Scholtes said the council decided to go with regular bonding.  The USDA loan has more restrictions and more work involved for the loan, which would probably push construction back to later this fall. The City hope to be moved into the new building by the end of the year.