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DDA finance update: half of loan drawn and about $190,000 Lumen admin payment expected
Summary
Jonathan told the board the DDA has drawn half of its loan from the city (stated as $150,000 drawn, $150,000 remaining) and that an administrative payment from Lumen of roughly $190,000 is due; members discussed pausing further draws pending review of upcoming obligations.
At the meeting, Jonathan delivered the financial report and said the DDA has drawn half of its loan from the city. “We have now drawn 0.5 of our loan amount from the city. So we're a 150,000 drawn with a 150,000 left,” he said.
Jonathan also said an administrative payment from Lumen is coming due “to the tune of about 190,000,” and that with the current balance (described in discussion as about 130,000) plus that payment the board would have a healthier balance sheet. Board members discussed whether to pause future draws; staff noted the next draw is set for May 1 and recommended reviewing upcoming fees before deciding. No formal motion to pause draws was taken; members agreed to review obligations and revisit the question at the next meeting.
