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Trailblazer’s new Wright County facility delayed by financing issues

Submitted by admin on Wed, 01/21/2015 - 9:54am
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Trailblazer Transit’s goal of duplicating its Glencoe facility at a location in Buffalo in Wright County has hit a snag.
Trailblazer Executive Director Gary Ludwig told the joint powers board that the Buffalo Housing Authority, which is building the facility to lease to Trailblazer, is having difficulty getting financing.
“They presently do not have financing for this project,” said Ludwig of the housing authority, which is trying to borrow money for the building’s construction.
Part of the issue, Ludwig said, is that “there is no money down, and no collateral” for the estimated $3.5 million building.
Ludwig said the housing authority used an area financing company that twice tried to get financing, but has now contracted with a larger company that has national exposure.
Ludwig said he believes that the financing will happen and that the building will get constructed, but not as soon as Trailblazer had hoped. The original plan was for a spring 2015 construction start. That may not happen with the financing still pending, Ludwig indicated.

For more, see the Jan. 21 print edition of The Chronicle.