A $1.3 million loan to the Michiana Event Center (MEC) was given final approval at the special joint meeting of county commissioners and county council members Tuesday.
Randolph Rompola of Faegre Baker Daniels LLP walked the members of the joint government group through the necessary steps. The critical point covered the fact that the loan pertains to economic development.
Terms of the five-year loan call for the repayment of principal with an interest rate still to be set.
In addition, a revolving loan fund of some $1.5 million was approved. This fund will be loaned to smaller businesses in the community and will be administered by the local Economic Development Corporation (EDC). Dollars for this fund will not be transferred to the EDC, but rather will be held by the county and released on a project-by-project basis.
The LaGrange County Council will need to determine that each project pertains to economic development.
Council members also approved transfers of funds requested by different departments and additional appropriations as advertised with the exception of the Major Moves appropriation.