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9/10/2009–Surry Designated Recovery County
DOBSON — The county commissioners voted last night to designate Surry County as a recovery zone, a move which will open the county to millions of dollars for local businesses.
Private businesses and industries located in areas designated in recovery zones may apply for Recovery Zone Facility Bonds. These bonds are a part of the American Recovery and Reinvestment Act. They are low-interest and tax-exempt bonds.
Since the board voted to designate the entire county as a recovery zone, the county’s bond allocation will be roughly $10.8 million.
“We received a fairly high allocation compared to the other counties,” said Chris Knopf, assistant county manager in charge of economic development and tourism.
The bonds are open to existing businesses and for capital outlay projects such as new buildings or equipment. The interest rate will be from 2 to 2.5 percent. To apply for these bonds, companies must go to their banks and then to the Industrial Control and Pollution Control Financing Authority. This authority will be responsible for revenue applications and the allocation of funds. The borrower is responsible for repaying the loan; no county funds are involved.
The funds will be given on a first-come, first-serve basis. Businesses not eligible for the bonds are golf courses, country clubs, massage parlors, hot tub facilities, suntan facilities, gambling facilities and stores which sell alcoholic beverages.
The approval of Surry County as a recovery zone was made unanimously by the board members present at the meeting. Chairman Craig Hunter was not present, so Paul Johnson, vice chair of the board, presided over the meeting. Full Story
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