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Paynesville approves $20,000 interest-free EDAP loan for downtown movie theater; sets hearing on larger business loan
Summary
Council approved a $20,000 interest-free five-year loan to the downtown movie theater for HVAC repairs and scheduled a Nov. 25 public hearing on a larger business loan (city portion ~ $225,000) for Nelsa Properties; township participation was noted.
The Paynesville City Council approved a $20,000 interest-free Economic Development and Attraction Program (EDAP) loan to the downtown movie theater to replace a failing HVAC unit and set a public hearing for Nov. 25 on a larger business subsidy for Nelsa Properties.
EAP members explained the program provides matching, interest-free loans (typically $10,000 from the city and $10,000 from the township for a $20,000 total) for downtown building improvements. Council said its EAP committee reviewed the theater owner's financials and recommended funding the full $20,000 for a five-year term because the owner's matching capacity exceeded thresholds. "We'd be looking at a motion to approve interest-free loan for the theater in $20,000 for a 5year term," a council member said; the motion was seconded and approved by voice vote.
Separately, council set a public hearing for Nov. 25 at 6:30 p.m. to consider a larger loan for Nelsa Properties, with the city contemplating roughly $225,000 in assistance and the township expected to contribute a similar amount; council staff indicated loan documents would be drafted after the hearing.
