Corn Belt Power and Iowa Lakes Electric Cooperative support IGL with Revolving Loan Funds

July 29, 2020

Corn Belt Power Cooperative and Iowa Lakes Electric Cooperative used their Revolving Loan Funds to assist IGL Construction with a new housing development in Spencer.

The development includes cleaning up a former mobile home park on the west side of Spencer for the new Westfield Development. The housing development will have 57 new, affordable, energy-efficient homes.

Each home will be close to 1,000 square feet with two to three bedrooms and a garage. There will also be a storm shelter and pool for the subdivision to use. Corn Belt Power and Iowa Lakes are each lending up to $500,000 for the real estate purchase and installation of infrastructure including streets, water, sewer and fiber.

The real estate purchase occurred July 2, infrastructure work will begin soon and construction of 10 homes will start later this year.