Politics & Government
Restructuring Planned for County Economic Development Program
Two Hatboro businesses last year benefitted from low-interest loans as part of the program.
A Montgomery County program that - including two in Hatboro - will undergo restructuring following the departure of its full-time director, PhillyBurbs.com reports.
Hatboro-based corvette restoration business, Extreme Midyears LLC, as well as the , both received a $50,000 loan with a 3.25 percent interest rate.
Those loans were funded by the county's seven-year $105 million economic development program, which began in 2008. The county originally budgeted $5 million for each of the first five years, according to the article.
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Kenneth L. Klothen, the program's full-time director, announced that he will vacate his $78,872-per-year post effective Tuesday, in line with the unveiling of the commissioners' new five-year capital budget, which cuts the program to $2.5 million in 2012 and $2 million in each of the four following years, according to the article.
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