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Union City approves new investment account, Renaissance grants and notes $100,000 ECGRA award
Summary
Council approved opening a PLGIT Checking & Prime account to transfer roughly $140,000 of capital equipment funds, approved Renaissance grant awards totaling $17,675 for the current period (carrying two applications to 2024–2025), and the manager reported receipt of a $100,000 ECGRA Renaissance Grant and that the UCVFD repaid a $59,250 ambulance loan.
Union City Borough Council on June 25 approved several finance and grant-related items, including a move to transfer most capital equipment funds into a new PLGIT Checking & Prime account to earn higher interest.
Councilor Kerns moved and Councilor Steadman seconded approval to open the PLGIT account and transfer approximately $140,000 from the existing capital equipment account; the motion carried unanimously. The transcript notes a PLGIT Checking & Prime rate of 5.40% on June 21, 2024.
Borough Manager Cindy Wells reported the borough received a $100,000 ECGRA Renaissance Grant. The council also considered six Renaissance Grant applications totaling $27,127.65 and approved four applications totaling $17,675 for the 2023/2024 period while carrying two applications totaling $9,452.65 into the 2024/2025 grant period; Councilor Joyce moved the recommendation and Councilor Osborn seconded the motion, which passed unanimously.
Manager Wells also reported the Union City Volunteer Fire Department repaid its full ambulance loan of $59,250.
Why it matters: Transferring capital funds to an account with higher yield increases the borough's investment returns; Renaissance grants target property improvements to combat blight, and the ambulance loan repayment restores loaned capital to the borough.
What’s next: The borough will complete the account transfer and process the approved Renaissance grant payments; two grant applications will be carried forward to the next grant cycle.
