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Council discusses $111,975.98 balloon payment on EDC reservoir loan
Summary
Council members discussed options and weighed pros and cons for addressing a $111,975.98 balloon payment due on an EDC reservoir loan; no formal action was recorded on payoff structure at the Dec. 10 meeting.
Council members reviewed a $111,975.98 balloon payment that is due on an EDC reservoir loan and discussed possible responses. The meeting record states: "Discussion, $111,975.98 ballon payment due for the EDC reservoir loan." Councilmembers considered the pros and cons of options available to the city, but no formal action on payment structure was recorded in the meeting minutes.
The discussion appears to have been exploratory: councilmembers raised financial and timing concerns and sought context from staff. The council did not adopt a payment plan at the Dec. 10 meeting and requested further information to inform any future decision.
