The Industrial Development Authority of Lee County (IDA) announced today (June 2, 2016) the closing of a $2.9 million bond issue to support several County initiatives. “One of the IDA’s primary missions is to serve as a borrowing conduit for the County. We were pleased to work with the County Administrator and the Board of Supervisors on this project,” stated Michael James, IDA Director.
The proceeds of the transaction will be used to complete construction of the new county transfer station, new Agricultural Extension Office and refinance the remaining proceeds of a previous bond issue. Powell Valley National Bank, of Jonesville, is the lender. “We appreciate the IDA’s help in securing this financing,” stated Charles Slemp, Jr, Chairman of the Board of Supervisors. “We can complete two important projects and save a significant amount of taxpayer money on the refinance portion.”
“The IDA are always ready to assist the Board of Supervisors and the citizens of Lee County with bond financing. In this case it is particularly exciting because a local bank, Powell Valley National Bank, is the lender,” stated Greg Edwards, IDA Chairman.
“PVNB has proudly served Lee County for 128 years. We are deeply appreciative for the opportunity to support the County and the IDA in providing this funding solution as they work on the important goals of economic growth and diversity for all us,” added Leton L. Harding, Jr, Powell Valley Bank’s CEO.
About the Industrial Development Authority of Lee County: The mission of the IDA of Lee County is to promote and facilitate economic growth and development in Lee County by recruiting manufacturing, industrial and commercial enterprises to locate or remain in Lee County, promote entrepreneurism and to enhance the economic well being of the citizens of Lee County. Michael James has been Director of the Authority since May, 2011.