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'Recovery' bonds could cut interest consts for businesses

Pierce and St. Croix counties are beginning the process to allow private companies to access low-interest loans under federal economic stimulus legislation.

"We see this as an opportunity," said Bill Rubin, executive director of the St. Croix County Economic Development Corporation.

"Ultimately it's $5 million that can be brought into the county," agreed St. Croix Administrative Coordinator Chuck Whiting.

Rubin said the county allocations could be used for one project or spread over several.

Both counties have declared themselves Economic Recovery Zones, starting the process for themselves, their municipalities or local businesses to borrow money with lower interest costs.

Two types of bonds are allowed under the federal legislation: Recovery Zone Economic Development Bonds, available to counties and municipal governments; and Recovery Zone Facility Bonds, intended for private businesses.

For more please read the Dec. 16 print version of the Herald.