BEATRICE – The head of Dempster Manufacturing LLC will have more time to pay off an economic development loan from the City of Beatrice.
The city council has voted to grant another extension to Ryan Mitchell, the Canadian operator of the company. The due date on the loan is now July 1st. City Administrator Tobias Tempelmeyer says the owner is trying to come up with the funds to pay off $225,000.
:09 “to the city”
Tempelmeyer says other options to collect on the LB 840 loan include foreclosure, or the personal guarantee on the loan.
:11 “at this time”
The original loan due date was September of last year, but city officials granted a six-month extension. Now, the payment period has been extended to July 1st. The terms of the loan remain the same, including the interest rate of three percent.
The company, with about a half-dozen employees, has been manufacturing fertilizer spreader equipment.