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Economic Development group pitches low‑interest business loans, housing support to Lake City council
Summary
Tami Green, representing a 501(c)(3) Economic Development Group, told Lake City Council the group can support business and low‑income housing development using USDA grant funding and a small loan program secured by business property. Two councilmembers volunteered to join the EDG.
Tami Green, who said she represents a 501(c)(3) Economic Development Group (EDG), told the Lake City Council on Jan. 20 that the group can help the city pursue housing and economic development by combining grant support with a small loan program.
Green said the EDG could utilize USDA Rural Development grants “of $100,000 each year” to support projects and that the group has authority to loan capital to Lake City businesses with approved business plans. She said loans can be made at a 2% interest rate and are secured by the borrower’s property as collateral. Councilmembers raised board recruitment and community outreach as next steps; Vogt and Bruns volunteered to join the EDG.
Mayor Mike Schleisman and councilmembers encouraged publicity and candidate suggestions for additional board members so the EDG can begin reviewing applications and identifying local projects. The council did not take a formal vote on any EDG funding or loan approval during the meeting; Green requested awareness and membership as the next practical steps.
The EDG presentation follows other agenda items that could affect capacity to support new programs, including a direction to staff to build a 4% wage increase into the FY2026 draft budget and a reported 3% rise in the city’s insurance premium. The EDG’s descriptions of available grant funding and loan terms were presented by Green to the council and were not independently documented in meeting materials.
