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Chair: DDA using $300,000 city loan and two $50,000 payments as cushion while awaiting fall receipts
Summary
The Chair told the DDA the authority accepted a $300,000 interim loan from the city and expects two remaining $50,000 payments to help bridge cashflow until larger receipts arrive in October.
The Chair said the DDA took a $300,000 loan from the city to help “through this financially challenging time” tied to unexpected costs on the city center project and that two remaining $50,000 payments will serve as a cushion. “We took a $300,000 loan from the city to help us through this financially challenging time,” the Chair said.
Board members discussed debt-service obligations tied to two loans that require about $30,000 per month. The Chair said once the city center sells the DDA expects to “clear the books of any debt” related to most immediate obligations but emphasized the interim loan is to preserve operations until larger receipts are realized in the fall.
