CACHE, Okla. (TNN) - The Comanche County Industrial Development Authority is starting to feel the effect of losing 81-percent of its funding following a vote last month.
Due to the cut, Chairman Paul Ellwanger said they’re unable to help the Cache Economic Development Authority at this time after they requested a loan to help them build a strip mall.
Ellwanger said the recent reduction only allows CCIDA to fund current commitments they have in place, but no new projects.
“So because of that we put it on hold until we can have further meeting the county commissioners to see how we can maybe raise additional funds for economic development,” Ellwanger said.
Beverly Martine is the Secretary for Cache Economic Development Authority.
She said the plan is to build a two-thousand square feet five-unit strip mall with both ends of the building having drive-thrus for potential fast food restaurants.
“Because the school has an open campus for the high school it should be quite profitable for any fast-food organization that comes in and does fast food. We’ll have three other units that could also be some other type of retail development,” Martine said.
Martine said Cache Economic Development is hoping to start construction in the next 10-months, but waiting for additional funding could push them back.
“They’re usually our primary source of funding. We do anticipate borrowing money to put the structure up but we were looking for funding up to 50-percent of the building cost,” Martine said.
Ellwanger said CCIDA is working with county commissioners to come up with ways for funds, and there may federal funding available to hold them over for now.
“The commissioners as I understand know that there will be funds available from the CARES Act to the county, and we’re hoping that some of that money can be used for economic development,” Ellwanger said.