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Mount Carroll council approves $376,000 loan for Shimer Square Daycare Center
Summary
The Mount Carroll City Council on May 13 approved Ordinance No. 2025-05-01 to borrow $376,000 from First State Bank of Shannon at 4.25% over eight years to support the Shimer Square Daycare Center; the motion passed unanimously (6–0).
The Mount Carroll City Council voted unanimously on May 13 to approve Ordinance No. 2025-05-01, authorizing a $376,000 loan from First State Bank of Shannon at an interest rate of 4.25% over eight years to support the Shimer Square Daycare Center.
Mayor Carl Bates introduced the bank terms discussed in committee and Council accepted Finance’s recommendation that First State Bank of Shannon offered the lowest rate. Alderman Mike Risko moved to approve the ordinance and Alderman Jeff Soenksen seconded; the roll call vote was 6 yeses and 0 nos. The minutes record the city’s intent to use the funds for the daycare center commitment with Economic Growth.
The council also discussed that TIF funds will be used to pay the loan as part of a related incentive package (see separate item on TIF Incentive Ordinance No. 2025-05-03). No dissent or abstentions were recorded during the loan ordinance vote. The ordinance takes effect according to the city’s normal ordinance-adoption procedures.
