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Committee notes DCED fund/Uptown repayment and plans follow-up on reuse of $200,000
Summary
Committee members discussed a $200,000 award the borough had previously loaned to Uptown (repaid with interest) and agreed the funds—now in the general fund—could be used again as a loan; staff (Sean) will prepare details for a follow-up discussion at next month's finance meeting.
A committee member raised the status of a DCED-related fund that the borough had previously loaned to Uptown and reported the loan had been repaid with interest. The money was repaid and placed in the general fund, but staff noted there is opportunity to re‑use the funds for loans or other projects.
“...we were chatting, about the Christmas parade and, conversation came up and and said something to Sean because we were like, oh, yeah. What about whatever happened to that $200,000 that we lent to Uptown that they paid us back?” a committee member asked. Staff and council members clarified the repayment occurred around 2023 and that the borough now holds the funds in the general fund.
Committee members suggested placing discussion of how to deploy the reflowing funds on a future finance meeting agenda. Staff (Sean) was asked to assemble documentation on the origin of the funds, repayment terms and any restrictions so the committee can determine appropriate reuse or lending criteria. No formal decision to reallocate the money was made at the meeting; members agreed to discuss options in more detail next month.
