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Council approves $15,000 revolving loan to assist purchase of Gregory Times-Advocate
Summary
The council approved a $15,000 revolving loan at 3% interest for five years to Morgan Painter to assist with purchasing the Gregory Times-Advocate; the motion was moved by Guhner Kepler and seconded by Kristi Drey and carried unanimously.
The Gregory City Council approved a revolving loan of $15,000 at 3% interest for five years to Morgan Painter to assist with the purchase of the Gregory Times-Advocate. The council recorded that the GED recommended approval; Guhner Kepler moved to approve and Kristi Drey seconded. The motion carried with 'All ayes.'
The loan was described on the record as a local economic-development assistance measure to facilitate a small-business transaction; no loan conditions beyond the interest rate and term were stated in the minutes.
