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LEDC seeks $1 million in loans for auction

A city board agreed Tuesday to seek up to $1 million in loans that could be used to buy the assets of a company that is involved in bankruptcy proceedings.

Shawn Kirkpatrick,executive director of the Levelland Economic Development Corporation, received permission to seek two lines of credit: one for $650,000, the other for $350,000.

If the LEDC is approved for the two loan amounts, it could enter bids for 29 acres of land and the buildings at the Clint Williams Co. peanut facility on the east side of the city. Part of the money could be used to buy 2.9 acres of land at First Street and Avenue K.

Clint Williams and its owners, including the Texoma Peanut Co., recently filed for bankruptcy protection in Oklahoma.

An auction of the company’s assets is scheduled Dec. 15.

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