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Council agrees in principle to three-year, no-interest $65,000 loan to DDA; resolution to be drafted
Milan City Council · March 1, 2026
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Summary
City Administrator Jim Lancaster presented repayment options and council unanimously agreed to a three-year repayment (33% per year) with no interest for a proposed $65,000 loan to the DDA; a formal resolution will be drafted for a future vote.
At the Aug. 19 meeting the Milan City Council signaled its intent to provide a $65,000 loan to the DDA on terms of three annual 33% payments with no interest.
City Administrator Jim Lancaster presented several repayment models for the proposed loan,…
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