RINGGOLD, Ga. — Catoosa County commissioners voted 4-1 Tuesday to approve a $4.5 million loan for site preparation work for a forthcoming Costco Wholesale store.
Commissioner Bobby Winters, the dissenting vote, suggested the county take money from its $9 million in reserves to cover the cost.
“I just didn’t want to borrow money if we have money,” he said after the meeting. “It’s not professional to borrow money if you’ve got it. It’s not business.”
He pointed out that the county earns 2 percent interest on reserves and will pay 2.275 percent to Northwest Georgia Bank for the loan.
Other commissioners said taking money from reserves would leave the county’s Rainy Day Fund uncomfortably low.
“We’re doing the right thing if you really think about it,” said Commission Chairman Keith Greene.
Commissioner Ken Marks said the county technically could not pull the money out of the Rainy Day Fund because Costco funding must go through the Economic Development Authority, which technically owns the property.
Commissioner Jim Cutler said the interest income from leaving the money in the reserves more than pays for the interest expense on the loan.
“The point is it washes out, and we’re not touching that $9 million,” Mr. Cutler said. “To take money from that Rainy Day Fund to build a Costco — that doesn’t make sense.”
Mr. Winters, frequently at odds with others on the board, said he was all for Costco but was unhappy about the way it had been handled. He said he had “been done dirty” because he was not involved in discussions about the wholesaler coming to his district.
“Everything’s been done behind my back,” he said.