The East Central College Board of Trustees approved a resolution for its USDA loan during its meeting Monday night, Dec. 3.
The new resolution won’t change the terms of the lease, but instead the letter of credit.
The loan was established in 2016 to pay for the construction of the $5 million Business and Industry Center. A ribbon-cutting ceremony for the center was held Oct. 20, 2016.
The $1 million loan collects zero percent interest through Crawford Electric Cooperative.
“We’ve been working with the United Bank of Union so we have a resolution that can work,” said Dr. Jon Bauer, ECC president.
Bauer said the resolution will be reflective of how much is left to be paid off. The resolution will have to be authorized annually.
The loan is set to be paid off in 10 years.
The 28,808-square-foot facility on ECC’s main campus in Union was renovated to house the institution’s precision machining, industrial engineering technology and HVAC programs.