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Council hears proposal to seed EDA discretionary loan account with $61,143 in accrued interest
Summary
Staff proposed creating an EDA discretionary loan account by moving roughly $61,143 in interest accrued on revolving loan funds into a new account; councilmembers discussed ownership (EDA vs. city), a future policy with loan approval thresholds, and projected annual accruals of $30,000–$50,000.
City staff proposed creating an Economic Development Authority (EDA) discretionary loan account seeded with interest that has accrued in existing revolving loan funds.
Miss Brockling told the council that interest accruals on several revolving loan funds total about "$61,143" and that the proposal would move those interest dollars into a new account. She described a multistep approval process: a…
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