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Committee hears financial report; Sandusky Packaging loan closed and Toff's Dairy nearing completion
Summary
City staff reported an available economic development fund balance of $760,744.15, said Sandusky Packaging’s second loan has closed, announced a BAS Broadcasting open house Aug. 11, and reported Toff’s Dairy is about 75% complete with a Sept. 30 target to finish.
City staff delivered a financial and project update at the July 14 meeting of the Economic Development Incentive Committee, reporting an available balance of $760,744.15 in the economic development loan fund and noting three open purchase orders spanning 2024–2026.
Colleen said Sandusky Packaging’s second loan has closed and that a mortgage lien notarization was in process, marking the project’s completion. She also said BAS Broadcasting, a past city loan recipient, will host an open house on Aug. 11 from 11 a.m. to 1 p.m. and extended an invitation from Mr. Klein to committee members. Colleen reported Toff’s Dairy is roughly 75% complete and owners are targeting a Sept. 30 completion date.
Committee members asked about the Osborne school project; Colleen said staff had received three funding-pathway proposals from the project developer and would meet with the city manager and finance director to discuss the options.
The committee had no public comments and moved on to application review and other business. The next committee meeting is scheduled for Sept. 8, 2026.
