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Loan for Redwire tabled while boards identify funding source
Summary
Council learned the revolving loan fund lacks sufficient funds for the Redwire FCRLR loan; staff and a commissioner said the EDIT fund is the likely source. The Council tabled the agreement until February to confirm appropriation.
Danny Short reported there was not enough money in the revolving loan fund to cover the FCRLR loan agreement for Redwire and said the Council needed to determine where additional funding would come from. Short said the EDIT fund would be the likely source to cover the shortfall. Commissioner CFO Stan Heil said he agreed the EDIT Fund would be the proper source.
Because the appropriation was unresolved, the Council voted to table the item until the February Council meeting to allow time to identify and process an appropriation; Auditor Diana Topping said if the appropriation is approved in February, the payment would be processed in a timely manner. The motion to table was moved by Dale Bagshaw, seconded by Tony Toran and passed unanimously.
