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Reelfoot Utility District receives help for facility

Reelfoot Utility District receives help for facility

Posted: Friday, July 24, 2009 11:35 pm
By: By JOHN BRANNON Messenger Staff Reporter

The Messenger 07.24.09
By JOHN BRANNON
Messenger Staff Reporter
Tim Bunch and Bobby Goode were all smiles — and with good reason.
Both were instrumental in acquiring a $400,000 low-interest loan from the U.S. Department of Agriculture Rural Development Corp.
Bunch is director of Reelfoot Regional Utility District, which serves about 600 commercial and residential customers in Lake and Obion counties.
Goode is director of the Obion County office of the USDA Rural Development Corporation.
The USDA loan will be used, along with $140,000 in matching funds, to construct a new administrative office building for the utility district. It will be built on a two-acre plot at the intersection of North Reelfoot Street and State Route 22 in Samburg (See related photo, Page 2.)
On Thursday, a plethora of officials gathered at the site to commemorate the milestone moment.
“It’s been a long time coming,” Bunch said. “We’ve been working on it about three years.”
He said construction could get started as early as September. Meanwhile, he and other officials are consulting with architects and engineers about building design.
Bunch said it will be “wonderful” to move out of the utility district’s current headquarters at 1750 State Route 21E near Tiptonville and move into a modern building, one that the utility district will own.
“The USDA loan is made to us with an interest rate of 3.75 percent and will run for a period of 38 years,” Bunch said. “That would mean annual payments of $1,400 or $1,500; I don’t have the actual figures yet — as compared with the $1,175 we’re paying right now for rent.
“So we’re very appreciative to USDA for helping us. We appreciate the work on our behalf done by our elected representatives, state and federal. Everybody pitched in and helped.”
Bunch said the $400,000 loan is American Recovery & Reinvestment Act funds distributed through the US Department of Agriculture.
John Brannon may be contacted by e-mail at jbrannon@ucmessenger.com.

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