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Escanaba council moves to activate $450,000 held by Community Foundation for local economic development
Summary
Council approved an agreement to establish the City of Escanaba Community Benefit Unendowed Agency Fund with the Community Foundation for Delta County to use roughly $450,000 for loan-based economic development activities, with council oversight and a requirement to demonstrate public benefit for each loan.
The Escanaba City Council approved an agreement on Feb. 5 to establish a City of Escanaba Community Benefit Unendowed Agency Fund with the Community Foundation for Delta County, enabling the city to administer loan-based assistance using funds that had been held by the foundation since the dissolution of a prior industrial foundation.
City administration said the fund — initially about $450,000 — will be structured so loans replenish the pool and allow the city to support projects that…
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