Peoples State Bank president Ann Schuster, middle, accepts the May 2024 Business Spotlight award from EDA chairman John Herman, left, and EDA specialist Jennifer Howard, right.

“The Miller’s Corner property in Bricelyn had no other bidders at the Sheriff’s foreclosure sale,” Faribault County Economic Development Specialist Jennifer Howard told the Faribault County EDA Board at their meeting in Wells on Tuesday, May 21. “Our loan will be repaid in full after the six-month redemption period and we will not need to go after equipment.”

Howard went on to explain the property will be subject to both current and delinquent real estate taxes when the EDA becomes the owner.

“The EDA will also be responsible for ongoing monthly charges such as water and electric bills when it assumes ownership,” Howard added. “The EDA is not responsible for these costs now.”

Howard noted the EDA can sell its interest in the Sheriff’s certificate to anyone during the six-month period of time.

“There is one interested party in the property,” Howard commented. “The Millers have six months to come up with the money necessary to reclaim the property.”

The board decided to look into insuring the property to protect the EDA’s interest in the property.

Howard reported another business the EDA loaned money to, Murphey’s Oil in Minnesota Lake, was scheduled to close on a sale on or around May 23.

“Staff has been in contact with the selling agent for Murphey’s Oil,” Howard said. “We have a shared collateral agreement between Region 9, Minnesota Lake EDA and Faribault County EDA. Staff has also spoken to both Region 9 and Minnesota Lake EDA and received the loan payoff amount and the UCC filings. The title agent for closing the sale has received the loan payoff amounts and UCC filings for all three lenders. We should receive payment for the loan balance at the time of closing from the title company, similar to the Scotty Biggs loan.”

A major event coming up this summer is VetCamp, which will be held on June 26.

“The city of Blue Earth’s EDA along with Faribault County’s EDA have partnered with the University of Minnesota College of Veterinary Medicine to bring VetCamp to Blue Earth this summer,” EDA specialist Celia Simpson said. “VetCamp is an interactive education program for students in grades 6-12 who are interested in the field of veterinary medicine.”

The camp will include field trips to Goette Farms and the Blue Earth Locker and seeks to provide an enriching experience and to foster community connections for all participants.

Register for the camp at z.umn.edu/blueearth-vetcamp

Simpson updated the board on the history of the Commercial/Industrial Revolving Loan Fund.

“In the last 20 years, we have used the funds for four loan guarantees totaling $59,500, 10 direct loans totaling $271,888 and three participation loans totaling $120,000,” Simpson said. “The average loan size was $29,028. The minimum loan size was $5,000 and the maximum loan size was $100,000.”

Discussion was held on ways to increase the use of the fund with the board deciding the best option would be to visit with local lenders to make them aware of the EDA’s Revolving Loan Fund.

EDA specialist Amber Patten gave an update on the EDA’s Childcare Forgivable Loan Program.

“As of Feb. 8, 2024, Faribault County has 20 childcare facilities licensed by the state of Minnesota,” Patten said. “The Faribault County EDA has extended support to nine daycares through our loan program in the amount of $30,334.”

Patten shared the providers have utilized their funds for a variety of projects including installing new flooring, buying outdoor toys, making fence repairs, updating bathroom facilities, purchasing safety equipment and obtaining class certificates.

The board held their meeting at Peoples State Bank and presented the May 2024 Business Spotlight Award to the bank.

Bank president Ann Schuster accepted the award and provided some history on the business.

“Peoples State Bank was founded on Feb. 29, 1924. So, we are celebrating our 100th anniversary this year,” Schuster commented. “We used to be located on Main Street but built and moved into this building in 2002.”

The bank is located on Third Street, where the former grocery store used to be.

“The new building allowed us to offer better drive-through service and improved our connectivity,” Schuster noted. “We are primarily an agriculture bank.”

In 2016, Peoples State Bank purchased the former Paragon Bank.

“The purchase made our bank bigger and able to stand on its own,” Schuster said. “We currently employ eight full-time and two part-time employees.”

Schuster shared she has been an employee of the bank for 39 years and has been the president since 2000.

“The rewarding thing about working in a community bank is getting to know the people,” Schuster concluded. “We get to watch the families grow from year to year.”

The EDA Board also:

• Approved a $2,500 donation to SMIF (Southern Minnesota Initiative Fund).

• Heard an update on implementing the Local Housing Trust Fund in Faribault County.

• Set the next meeting for June 18, in Winnebago.