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City explores transferring Loon Center bond liability to National Loon Center
Summary
City Administrator Lori Conway said the council will consider a plan to move responsibility for a $2.5 million bond from the city to the National Loon Center, potentially removing the city's financial obligation for the remaining ~37.5 years; a special council meeting is set for March 6.
City Administrator Lori Conway told the Public Works Commission on March 2 that the city has taken responsibility for a $2.5 million bond cash bill tied to the Loon Center but is exploring options to transfer the city’s role as grantee to the National Loon Center.
Conway said the change would relieve the city of responsibility for roughly 37½ years remaining on the obligation and that the city had scheduled a special council meeting on March 6 to address the matter. She said Carrie Ruud will assist with the effort to remove the city as grantee and place responsibility with the National Loon Center.
The commission was briefed; no formal commission action was recorded. City staff will pursue the council meeting agenda item and report back on outcomes.
