By MIKE COURSON
Great Bend Post
The CUNA Mutual property located at 1809 24th Street in Great Bend, just off the 281 Bypass, will soon be changing hands with the purchase by USD 428. But first, some housekeeping was needed at Wednesday's Barton County Commission meeting. The body approved a Full Release of Mortgage relating to a loan that was issued in 2004.
"There's no agenda item noting that this loan was, in fact, repaid in full," Barton County Director of Operations Matt Patzner told the commission. "However, with review of minutes and review of the 2009 general ledger, those two things definitely corroborate that fact that it has been paid in full."
In 2004, the commission authorized a $1.7 million loan to CPI Qualified Plan Consultants, Inc. Terms included a 5-year deferred principal payment with interest paid annually on a 10-year note at four percent interest. Loan proceeds would help CPI purchase the business from A.G. Edwards. The loan was repaid in 2009 when CUNA Mutual purchased CPI.
Commissioner Kirby Krier was on the commission back then and said it was, "A Huge win for all of Barton County when the commissioners did that." Commissioner Jon Prescott, a longtime former employee at CPI, agreed.
"It was a chunk of change, but it helped that corporation survive, grow, and kept jobs," Prescott said. "It was a great success story."
In September, USD 428 Great Bend announced it would purchase the property from CUNA Mutual for $1.3 million, with CUNA donating another $2.7 million towards the purchase price. The district plans to take possession of the property in December.