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Council schedules June 25 special meeting to finalize CIB loan resolution for Silver Spur project
Summary
The board set a special council meeting for June 25 to pass a required CIB resolution tied to Silver Spur funding; staff discussed 30-year repayment at about $3,900 per year and noted the CIB check will not clear until funding is confirmed.
Mayor Chamberlain announced a special council meeting for June 25 at 6:30 p.m. to consider a resolution required by the Community Impact Board (CIB) for the Silver Spur project. Lori Jensen explained the $67,000 Silver Spur amount is tied to a CIB grant and the check will not clear until funding is received.
Council discussed repayment terms and Lori said the CIB loan would be repaid over 30 years at 1 percent, which she estimated as roughly $3,900 per year. Staff will prepare documentation and a packet of outstanding loans and repayment schedules for the special meeting so the CIB board can evaluate fiscal capacity.
