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Carlton County approves multiple EDA and municipal loans, adopts revolving loan policy
Summary
The Committee approved a Wrenshall municipal loan for sewer and water engineering, adopted EDA revolving loan guidelines, and approved a $300,000 EDA loan for L.F.D. LLC (Edward Jones agents); motions were moved and seconded and recorded as approved.
The Committee of the Whole approved a set of Economic Development actions brought forward by Ryan Pervenanze and others. The Committee voted to issue a municipal loan to the City of Wrenshall to support sewer and water infrastructure engineering; the motion was moved by Dan Reed and seconded by Marv Bodie and was approved. The Committee also approved EDA revolving loan fund policy/guidelines as presented by Ryan Pervenanze; that motion was moved by Pervenanze and seconded by Sue Zmyslony and was approved.
Pervenanze presented a separate loan request for L.F.D. LLC to construct a new building to house Edward Jones agents. The EDA had initially heard a request for $350,000 but approved $300,000; the Committee moved by Marv Bodie and seconded by Sue Zmyslony to issue $300,000 and approved the funding. These actions were recorded in the agenda; the meeting text does not provide detailed loan terms, repayment schedules, or collateral requirements.
