RINGGOLD, Ga. – Catoosa County Commissioners voted 4-1 this morning to approve a $4.5 million loan from Northwest Georgia Bank for Costco Wholesale site preparations.
Commissioner Bobby Winters was the dissenting vote. He suggested the county take money from its $9 million reserves to cover the cost.
He pointed out that the 2 percent interest the county was making on reserves is less than the 2.275 percent the bank is charging on the loan.
Other commissioners said taking money from reserves would leave the county’s rainy day fund uncomfortably low.
Commissioner Ken Marks said the county technically could not pull the money out, because Costco funding must go through the Economic Development Authority.