Council amends the City's loan agreement with TIRZ #1, authorizing $1.85 million
The City Council amended the loan agreement between the City and TIRZ #1 to authorize a loan of $1.85 million. City financial reports say the City lent TIRZ #1 $1.5 million during fiscal 2017 to help it fund $3.45 million for the garage retail space and about $930,000 of streetscape improvements.[1]
City lent TIRZ #1 $1,500,000 during fiscal 2017 to help fund $3.45 million for the garage retail space and about $930,000 of streetscape work (annual report).
February 2023 TIRZ #1 minutes: 'Out of the $1,850,000 loaned to the TIRZ from the city, $1,687,000 was loaned to LGC.'
✓ Verified
City annual reports give the outstanding balance of the City's loan to TIRZ #1 as $1,247,503 at September 30, 2021, $1,182,245 at September 30, 2022, $1,114,667 at September 30, 2023, and $972,218 at September 30, 2025.[2][4][5][1]