FAIRMONT — The Fairmont Economic Development Authority heard some positive feedback on Monday about a pair of new programs.

Linsey Preuss, Fairmont economic development coordinator, told the board she received the first inquiry about the new loan program for new and existing child care providers. FEDA will provide a $1,000 interest-free loan for up to one year to assist applicants in upgrading their child care business in the city limits. A total of $10,000 has been set aside for the program, but FEDA is open to adjusting that financial commitment if there is a greater demand.

Also on Monday, Preuss said she received a call from an individual building a single-family home and wanted information about the 10-year tax abatement program. She referred the person to the county, which will include single-family homes in its program, while the city’s abatement program covers only multi-family structures.

“Just knowing that the information is getting out there is awesome,” Preuss said.

She added that she is working with a couple of different developers on new multi-family housing in Fairmont, and things “are on the cusp of happening.”

Preuss reported that FEDA is half way through its six-year option-to-buy agreement with David Meschke on the new industrial park, a 37-acre plot of land immediately southwest of Eist 99 and Interstate 90. FEDA paid $12,000 for the option in March 2017, and Meschke has indicated he would not be interested in extending the option.

Preuss wanted the board to consider the possibility of buying the property for $724,000 if a developer does not materialize in the next three years. She said FEDA had more than $300,000 in cash available at the end of the year and wanted to start a discussion and have a Plan B in place.

The board advised her to discuss financing options with the city finance director to see what is feasible.

FEDA member Andy Noll said the land cost might be recouped but other incentives, such as a tax abatement, might be needed to attract a developer.

“The infrastructure already is there so it wouldn’t make sense to give it (the land option) up,” he said.