The Madison County Infrastructure Loan Program is designed to help local governments within the county finance public infrastructure needed to support economic development and private sector job creation, or to address public health and safety concerns.
The program utilizes UDAG repayments to provide low-interest loans to local governments for infrastructure projects which lead directly to private sector location or expansion activities that create and/or retain permanent jobs for Madison County residents and effectively address identifiable public health and safety issues within Madison County.
The Infrastructure Loan Program is available to local governments that demonstrate that their infrastructure projects address public health and safety issues, or are essential to attract a new business(s) or to support the expansion/retention of existing company(s). Projects that entail the relocation of an existing company from one Madison County municipality to another are not eligible unless the company would also significantly expand its employment levels.
The program's funds can be used for local roads and streets, access roads, bridges, sidewalks, water and sewer line extensions, water distribution facilities, rail improvements, gas and electric utility extensions, fire trucks and the development or improvement of publicly owned industrial/commercial sites.
Under the infrastructure loan program, Madison County Community Development generally loans the funds to local governments at a three percent to four percent interest rate for seven to 10 years with exact loan terms depend upon the fiscal capacity of the respective governmental body.
Madison County Community Development conducts a thorough technical review of each completed application submitted to the department on a first-come, first-served basis. Once a completed infrastructure application is received, representatives of the local governments applying for the loan present their application to Madison County's Grants Committee for review. If the review is favorable, the Committee submits a recommendation to the Madison County, which must approve the loan by a simple majority. When the loan is approved, Community Development arranges a loan closing with the local government applicant.
Infrastructure Loan Program Application
For additional information on the Infrastructure Loan Program, contact Lisa Mersinger at (618) 296-4398.