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Council approves $500,000 line of credit to let DDA spend previously approved projects; opponents call for tighter oversight
Summary
The Loveland City Council approved on second reading a $500,000 line-of-credit arrangement to let the Downtown Development Authority (DDA) access funds to implement already-approved projects; the item drew criticism from some business owners and public commenters who objected to downtown spending and asked for more transparency.
Councilors on May 6 approved a second-reading ordinance authorizing a $500,000 temporary line-of-credit to support the downtown development authority’s (DDA) already-approved project budget. The financing mechanism will let the DDA manage the timing of its cash flow while spending proceeds are repaid to the city’s utility fund as planned.
City staff said the line-of-credit does not provide additional money to the DDA beyond its previously approved budget; rather, it temporarily facilitates cash flow for projects the DDA has already authorized. City staff reduced the…
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