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RDC asks council permission to apply for $900,000 loan to bridge Marquette Greenway funding gap
Summary
The town’s Redevelopment Commission asked the council to authorize Carter Bley and Baker Tilly to prepare a $900,000 Northwest Indiana Growth Fund loan application to cover short-term cash-flow timing for Marquette Greenway construction; council approved the request. The RDC also reported a Phase 1B groundbreaking.
The Redevelopment Commission (RDC) told the council it had held a groundbreaking for Marquette Greenway Phase 1B and recommended the town allow Carter Bley with Baker Tilly to prepare a $900,000 loan application to the Northwest Indiana Growth Fund. The RDC said the loan would bridge a timing gap between when funds are due and when grant payments arrive; the proposed loan term is 24 months.
Council members asked procedural questions about paperwork and potential contract details. Staff said the Growth Fund loan would likely be less costly than a conventional loan or bond and that the RDC had used similar mechanisms successfully in the past. The council voted to authorize staff to proceed with preparing the loan application.
Next steps: Carter Bley and Baker Tilly will prepare the application and return with formal documents for approval if the lender’s terms require council-level action.
