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EDC loan policy under scrutiny after board approves 4% option; council asks for financial details
Summary
Councilmembers probed EDC capital-deployment practices after Executive Director Charles reported the EDC board discussed varying loan rates (2%, 4%, 5%) and ultimately approved a 4% loan option for an incentive, and requested more detailed financial data and a committee review.
Councilmembers pressed the Gun Barrel City Economic Development Corporation (EDC) on Dec. 16 for clearer financial information after Executive Director Charles summarized recent EDC board debate over loan terms and incentives. Charles said the board considered 2% and 5% loan options that failed as motions at a recent meeting and that a 4% option was approved for an incentive package that will be presented to the council.
Charles said the EDC historically had long-term,…
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