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Milan council agrees in principle to $65,000 interest-free loan for DDA, resolution to be drafted
Milan City Council · August 19, 2025
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Summary
City Administrator Jim Lancaster presented loan models for a proposed $65,000 loan to the DDA; council agreed in principle to repayment in three equal annual payments with no interest and directed the city attorney to draft a resolution for formal approval.
City Administrator Jim Lancaster presented several repayment models for a proposed $65,000 loan to the Milan DDA at the Aug. 19 council meeting. Lancaster explained options including no interest or a staged interest schedule (no interest first year, 3% for the last…
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