Development Commission moves toward loan repayment agreement with HCBOCC

The Holmes County Development Commission met on August 19 and unanimously agreed to pursue a joint meeting with the Holmes County Board of County Commissioners to address the total interest related to the Busy Bee loan, a portion of Project Gateway.

The interest and land clearing cost totaled $639,896.66, drawn from a $4.4 million financing package tied to the project. To date, the Development Commission has made two payments. The first payment was for reimbursement for the loan interest of a value of $28,976.43 and the second was for land clearing costs at $33,362.20 on February 13, 2025. These payments totaled $62,338.63, leaving an outstanding balance of $577,558.03.

During the meeting, board member Jeremy Rolling introduced a motion proposing that the Development Commission contribute up to half of the remaining interest costs over two years. Under the plan, the commission would make two annual payments of $144,489.51, for a total contribution of $288,979.02. This would represent half of the $577,558.03 balance, leaving the other half to be addressed by the county.

Rolling emphasized that because the Busy Bee project was structured as a joint venture between the Development Commission and the county, both entities should share responsibility for the interest costs. The motion was unanimously approved by the board.

Board member Ricky Callahan also noted the importance of ensuring that the provision requiring 5 percent of total tax revenue generated from the project remain in effect, as originally outlined in the joint venture agreement.

Both boards have agreed to hold a special joint meeting on Tuesday, August 26 at 9 at the County offices, at the request of Commissioner Wilmer Stafford. “I’m happy Commissioner Wilmer Stafford reached out to us (Development Commission).  I believe our boards can work together to make our county a better place,” stated Development Commission Director Joe Rone.