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Tuscola Commissioners Approve Extending Gagetown Loan
Mary Drier/Mike Kaufman
Mon, 21 Sep 2026 21:04:20 EDT
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An updated special agreement to address a drainage problem in Gagetown by Tuscola County is even more of a win-win for both parties.
Commissioners previously approved allowing Gagetown to borrow up to $500,000 from the county.
County Drain Commissioner Dara Hood explained the loan will benefit both the village and the county.
However at the last county meeting, Hood asked commissioners to approve an adjustment to that agreement to allow a 20 year pay back instead of paying the loan over 15 years.
Extending the term of the loan will lower the amount village residents have to pay back, which will make it more affordable for them, according to Hood.
Under the agreement, the county will provide the necessary loan to the village using money from the delinquent tax revolving fund and would charge the village an interest rate that is slightly higher than the interest rate received from traditional financial institutions.
Also, the estimated loan of $500,000 was adjusted to $430,000. The interest rate is 4.5 to address the drainage issue along the Bay City-Forestville Road.
