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Michigan City council hears proposal to repurpose revolving loan fund; motion to accelerate vote fails
Summary
Council debated an ordinance to amend the city's revolving loan fund to allow matching grants and to fund the local economic development corporation and an inclusive playground. A motion to move the ordinance to third reading and approve it tonight failed on a 4'4 tie; the ordinance was held for third reading.
Council members debated an ordinance to amend city code section 38-33 that would expand allowable uses of Michigan City's revolving loan fund to include grants, contract payments to the Michigan City Economic Development Corporation (EDCMC) and a matching grant for park projects.
The measure, introduced by Council President Perez Belinski, would change the fund's scope so some money could be paid as non-loan support rather than only as loans. The council heard presentations from Clarence Halls, who described recent committee recommendations, and from revolving-loan board members and council members who asked for procedural and policy clarifications.
Halls told the council the fund currently holds roughly $1,030,000 and described a proposed distribution recommended by the revolving-loan committee: $200,000 a year for two years ($400,000) to the Economic Development Corporation of Michigan City (EDCMC), $300,000…
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