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Council presses for history and sources before approving $1.06M housing and $1M retail revolving loans transfers
Summary
Councilors paused two budget amendments that would reallocate revolving loan fund balances for housing rehabilitation and retail revitalization, requesting a written history of the funds, source/uses, and confirmation of procedural review before first reading.
Committee members deferred action on two related budget items that would move previously collected revolving‑loan funds into new housing and retail revitalization programs and asked staff for a clearer written history of the money, its original voter intent, and the approvals used to reallocate repaid loan proceeds.
The two items under review would reappropriate $1,060,000 into a housing/small business loan fund administered by the Tulsa Economic Development Corporation and $1,000,000 into a sales‑tax‑supported retail revitalization revolving loan fund. Staff said both pots are recycled proceeds from earlier…
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