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Council funds DREDC operations but defers final decision on a new revolving loan fund
Summary
The Dell Rapids Economic Development Corporation received $70,000 for operating expenses; council approved the funding and tabled consideration of an additional $30,000 proposed for a new revolving loan fund pending finalized policies and board materials.
The council considered a $100,000 request from the Dell Rapids Economic Development Corporation (DREDC) that included $70,000 for operating expenses and $30,000 proposed as seed money for a new revolving loan fund to assist local businesses.
Council voted to approve $70,000 for the corporation’s annual expenses and to defer the $30,000 revolving-loan portion until the DREDC produces policy guidelines and a final plan for administration and loan review. Staff explained the city would administer the fund and that DREDC would screen loan requests and recommend awards, with the council making final approvals.
