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Indian Lake joint Ambulance District has agreed to take out an unsecured loan in excess of $1 million to fund the construction of its new EMS station, directly across from its current location at 301 N. Oak St., Lakeview.
The board has been approved for 80 percent of its overall project cost, according to minutes from its Aug. 8 meeting.
The total amount of the loan will be $1,099,747. The bank will finance the project at an interest rate of 4.95 percent. Payments on the loan will be $153,000 twice per year, minutes show.
Those semi-annual payments are scheduled to begin in February 2019 through December 2022.
Indian Lake EMS cannot legally utilize levy funds to pay on the loan. The recently-passed five-year, 3-mill levy for additional operating expenses may be used for day-to-day operations, but not construction of a new facility.
Huntington and Civista banks were also contacted and considered.
“It was decided that we need to get started on this building and Osgood has helped us and the community out in the past so we are going to go with the Osgood Bank for our business,” board members said.
A tentative completion date is May 31, 2019, according to an estimate provided to the board by its engineer and contractor.
The EMS district is also pursuing utilizing inmates from the Logan County Jail to pull weeds and clean up around the site. Village officials in Lakeview have received reports about weeds growing up around the site.