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The Brown County Commissioners paid off a substantial loan worth more than $726,000 to First State Bank

GEORGETOWN — In one fell swoop, the Brown County Commissioners wiped out about one-third of the county’s debt.

Thanks to money earned in a property sale of the site of a future automall in Mt. Orab, the Brown County Commissioners were able to pay down the remainder interest and principal remaining on a $750,000 loan from First State Bank taken out in 2009. The commissioners presented a check to First State Bank’s Mt. Orab manager Vince Roades worth $726,742.98.

“You better believe it,” Commissioner Daryll Gray said in response to a question if this was a big day for the county. “We’ve got two more (big loans) and if we pay those off we would be in good shape.”

According to Commissioner Barry Woodruff, the original loan was secured in order to pay for a new roof on the Brown County administration building, which houses the Brown County Board of Elections, treasurer, auditor, commissioners, and more, as well as to pay for the construction of the building that houses the Brown County Prosecutor’s office and the Brown County Juvenile/Probate court.

Since acquiring the original $750,000 loan in 2009, the commissioners had been paying on interest twice a year, about $13,000 per payment. Earlier this year, the commissioners paid down $25,000 of the principal, and after acquiring $616,579 from the property sale in Mt. Orab, they were able to pay down the rest of the owed principal and interest on the loan.

The Mt. Orab Port Authority sold the property, where Mark Williams is now in the construction phase of two 18,000 square foot car dealerships on a nearly 30-acre piece of property along State Route 32. Williams is planning on moving Mt. Orab Ford to that location as well as Peebles Chrysler Dodge Jeep Ram. There’s also the potential to build three more dealerships on the site, as well as a restaurant and a hotel.

The Brown County Commissioners paid off a loan from First State Bank with money acquired in the Mt. Orab automall property sale. Shown, from left to right, are Commissioners Tony Applegate and Daryll Gray, First State Bank’s Vince Roades, and Commissioner Barry Woodruff.
http://newsdemocrat.com/wp-content/uploads/2015/09/web1_LoanPayment-DanielKarell-.jpgThe Brown County Commissioners paid off a loan from First State Bank with money acquired in the Mt. Orab automall property sale. Shown, from left to right, are Commissioners Tony Applegate and Daryll Gray, First State Bank’s Vince Roades, and Commissioner Barry Woodruff.
Automall sale helps pay off 1/3 of county debt

By Daniel Karell

dkarell@civitasmedia.com

Reach Daniel Karell at 937-378-6161. Follow him on Twitter @GNDKarell

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2016 News Democrat