The Board of Commissioners of Public Lands has approved more than $2 million in state trust fund loans for 7 city projects.
Three of the news loans refinance existing debt, while four involve tax incremental districts, including the downtown upgrade project.
Board Executive Director Tia Nelson says this array of loans help fund local economic development...
".....we'll fund an expansion at ABX Manufacturing and at Spee-Dee Delivery...this is exciting from our perspective because this is an expansion of existing investments that the Trust Fund Loan Program has made in Rhinelander. We're now invested at over $3 million in helping the city finance ABX and Spee-Dee Delivery..."
Created in 1848 by the Wisconsin Constitution, the Board was established to accept federal land grants and to manage Trust Funds for the benefit of public education in Wisconsin. Part of the Board's mission is to fund local economic development. The majority of Trust Fund assets are held in the Common School Fund, from which the majority of loans are issued. Earnings from this fund are distributed to K-12 public school libraries annually.