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Commission approves consolidation of DAGA and DDA interfund loans to stabilize downtown finances
Summary
The commission approved consolidation of outstanding interfund loans with the Downtown Economic Growth Authority ($1,060,000) and Downtown Development Authority ($1,070,680) into 10‑year schedules with a 3.75% interest rate to move short‑term liabilities to long‑term repayment and avoid state deficit plans.
The Kalamazoo City Commission on Dec. 16 approved agreements to consolidate outstanding interfund loans with two downtown authorities to improve their balance sheets and preserve downtown operations.
Staff said the DAGA consolidation covers $1,060,000 and the DDA consolidation…
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