Rice County Board Approves Write Off of F-Town Loan
The Rice County Board of Commissioners today unanimously voted "reluctantly" to write off the remaining debt of M.O.E. Craft Company LLC, formerly F-Town Brewing Company of Faribault. Rice County Housing and Redevelopment Authority Executive Secretary Joy Watson reminded Commissioners last November they authorized the County Attorney and his office to negotiate a settlement.
Watson said M.O.E. agreed to settle their $38,696.36 in debt for $14,500, if it were paid by the end of last year. That never happened. The Rice County Attorney's Office filed suit in an attempt to collect the debt. March 1, 2019 that suit was dismissed because there was no remaining collateral with which to collect the debt, rendering the debt uncollectable.
Commissioner Dave Miller said he would "reluctantly" make the motion to formally write off the loan. Commissioner Jeff Docken "reluctantly seconded the motion."
Watson explained auditors wanted the debt removed from Rice County's financial records. The Rice County HRA approved a $50,000 loan for F-Town Brewing Company on August 26, 2014. They fell behind with their payments prompting the authorization concerning a settlement last November.
Watson said, "The auditor has asked that we have a formal vote from the board writing that debt off as uncollectable so that can be closed out of the books as of December 31, 2018."