State wants $250K returned
The City of Gothenburg has been asked to return $252,675 in reuse loan funds to the Department of Economic Development.
Outstanding loans, of which the city has $270,040, are supposed to go back to the DED for repayment.
City attorney Mike Bacon advised the council to ask for a 60-day extension, since the deadline is July 2, which members did.
In the meantime, Bacon said he’ll visit with DED officials to see why the loans have been requested.
He noted that the city first received $250,000 in reuse funds to help recruit Baldwin Filters to town.
“We continue to use the funds,” Bacon said, noting that businesses pay back money loaned which is then reused for other loans.