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Commission updates terms of city loans to LIPCO, sets temporary 0% interest period
Summary
The commission approved a resolution changing repayment terms for long-standing loans to the La Crosse Industrial Park Corporation (LIPCO), including a temporary 0% interest period and a transition to a 3% amortized repayment if a qualifying project is identified.
The Economic and Community Development Commission approved a resolution to update the terms of the City—s standing loans to the La Crosse Industrial Park Corporation (LIPCO). Staff presented the resolution and commissioners voted to adopt the updated terms unanimously.
Julie, a city staff member, summarized the history and current status of the loans: the city—s outstanding principal balance to LIPCO is $550,000 and, historically,…
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