Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Economic Development Authority approves $72,065 loan to cover sewer charge for indoor play facility
Summary
The Economic Development Authority voted to lend $72,065 to cover a Met Council sewer availability charge for Hyper Kids, an indoor play venue proposed for 10985 Ulysses Street. The loan carries 3% interest over three years and will be funded from the EDA Strategic Initiative Fund; staff said the SAC could be assessed to the property if necessary.
The Economic Development Authority on May 4 approved a $72,065 loan to cover a Met Council sewer availability charge, or SAC, for Hyper Kids, a proposed indoor play facility at 10985 Ulysses Street.
Ruth Tucker, the city’s economic development specialist, told the board the SAC was unexpectedly high under the Met Council’s methodology and ‘‘was calculated at $72,065,’’ a sum that would jeopardize the project’s financing. She recommended a SAC loan for that amount at 3% interest over a three-year term, to be funded through the EDA…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
