Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Grants topic
No spam. Unsubscribe anytime.
Falls City approves 50% forgiveness of CDBG economic-development loan to All City Food LLC
Summary
The Falls City governing body adopted a resolution to forgive half of a $155,250 Community Development Block Grant economic development loan to All City Food LLC after the company certified completion under the grant contract 20EG001.
Falls City’s governing body voted to adopt a resolution forgiving 50% of a $155,250 Community Development Block Grant (CDBG) economic-development loan to All City Food LLC after city staff confirmed the project met grant requirements.
City staff said the action completes the final step for the 2020 economic development CDBG contract 20EG001, noting the city served as a pass-through entity for federal funds and that the borrower provided a certificate of completion showing it met the grant’s guidelines. The staff recommendation was to forgive 50% of the loan principal.
The resolution was moved, seconded and approved with seven ayes. The forgiveness equals 50% of $155,250 (approximately $77,625). City staff emphasized that the funds involved were CDBG grant dollars administered through the city as the pass-through, not general city revenue.
Councilmembers did not request additional conditions or amendments during the vote. No separate follow-up assignment or reporting deadline was stated during the meeting.
The resolution references the original CDBG economic-development agreement identified in the meeting as contract number 20EG001; the file includes the borrower’s certificate of completion as the basis for the forgiveness.
