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Ely Council approves $1.5 million deferred loan to HRA for Wilderness Escape Apartments
Summary
The council approved a $1.5 million deferred loan from the city to the Housing and Redevelopment Authority for the Wilderness Escape Apartments; Clerk Langowski told the council the loan converts to a grant forgiven upon project completion within three years.
At its June 16 meeting the Ely City Council approved a Deferred Loan Agreement between the City of Ely (lender) and the Housing and Redevelopment Authority for $1,500,000 to support the Wilderness Escape Apartments project.
Clerk‑Treasurer Langowski told the council the deferred loan would be forgiven as a grant after the project is completed within a three‑year period. The motion, moved by Lahtonen and seconded by Campbell, carried unanimously.
Council did not specify further conditions or funding breakdowns in the minutes; the loan forgiveness timeline was noted in the motion discussion.
