Council authorizes $2.5M Business Oregon loan for Basalt Well project
Council adopted Resolution 26-04 to finalize a $2.5 million special public works loan from Business Oregon at 3.84% interest to advance the Basalt Well project; staff said disbursements will follow a contractual agreement and the city may not use the entire loan amount.
The full story
Public Works staff told council that Business Oregon approved the city’s loan application for the Basalt Well project on April 27, 2026. The loan is for $2.5 million at a 3.84% interest rate; staff explained interest accrues as disbursements are made and funds are not available for project expenditures until agreements are fully executed with Business Oregon.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
Keep reading for free
Create a free account to finish this story and see the video, transcript and key details.
Continue with GoogleContinue with emailAlready have an account? Log in