Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Early Learning topic
No spam. Unsubscribe anytime.
Lake Erie Improvement Corporation reports early learning center progress, secures $2.3 million loan
Summary
Lake Erie Improvement Corporation told the commission the board decided to proceed with an early learning center, construction expected to take about 12 months, and that the project secured a $2.3 million USDA loan described as a 10-year, 0% loan with a 1% annual fee.
A representative of the Lake Erie Improvement Corporation provided the commission with an update on its planned early learning center. The board has decided to move forward with the project, staff said, and construction is anticipated to take roughly 12 months.
The presenter reported bids came in close to cost estimates and that the project received a $2.3 million USDA loan described in the transcript as a 10-year loan with 0% interest and a 1% annual fee; staff said the loan improved the project's financing outlook. "We were eligible through the note... Well, we were eligible through the note... 2,300,000.0," the presenter said.
Commissioners congratulated the board and noted a celebration/promo and an expected report in the coming week; officials asked staff to continue communication with the commission about next steps and timeline.
