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Council directs staff to seek extension on $111,975.98 EDC reservoir loan balloon payment
Summary
Council discussed a $111,975.98 balloon payment due on the EDC reservoir loan and asked staff to request a four-year extension to allow monthly payments rather than a lump-sum payment.
During the unfinished business portion of the Jan. 14 meeting the council discussed a $111,975.98 balloon payment coming due on an Economic Development Council reservoir loan. Council members expressed concern about the immediate budget impact and requested staff seek an alternative repayment schedule.
Councilors asked that staff seek a four-year extension so the payment could be amortized into monthly payments rather than requiring a lump sum. The minutes record the direction to pursue the extension; no formal amendment or binding agreement was adopted at the meeting. Follow-up on options was assigned to city staff for reporting at a future meeting.
