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Loan board approves $50,000 reclassification for Parks and Recreation loan
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Summary
The Evansville City Loan Administration Board approved reclassifying a $50,000 Parks and Recreation loan from the Community Revitalization Loan Fund to the EDA RLF, a five-year, 7.5% loan, recorded as Resolution 2025-1.
The Evansville City Loan Administration Board on Feb. 28 approved reclassifying a $50,000 Parks and Recreation loan from the Community Revitalization Loan Fund (CRLF) to the Economic Development Administration revolving loan fund (EDA RLF).
Jennifer Bennett, who identified herself as representing Parks and Recreation, requested the $50,000 to expand her current business. “Hi. I'm Jennifer Bennett from Parks and Recreation, requesting $50,000 for, expanding my current business,” Bennett said during the meeting.
Board members moved and seconded a motion to change the loan from a CRLF 0% loan to an EDA RLF five-year loan at 7.5% interest. The motion was seconded and approved by voice vote. The action was recorded as Resolution 2025-1.
The motion text, as introduced during the meeting, was to change the loan classification from a CRLF 0% loan to an EDA RLF five-year loan at 7.5% interest for $50,000. The board did not provide a roll-call tally in the transcript; members signaled approval by voice.
No amendments to the loan terms were recorded in the discussion. The clerk or staff recorded the action as Resolution 2025-1 for the board’s official records.
The board moved on to other agenda items after the vote.
