The Blue Earth City Council authorized the borrowing of funds for the reconstruction of the public tennis courts in Putnam Park on Tuesday.
The Council unanimously approved the borrowing of $250,000 from the EDA at an interest rate of 4% for 5 years, borrowing $225,000 from the liquor store fund and $200,000 from the fitness center fund. The loan rates from bot the fitness center and liquor store will be 2.5% for 5 years.
The remaining funds for the estimated $1.3 million project will come from The American Rescue Plan Act ($328,000), a portion of the local option sales tax ($150,000) and the annual transfer from the Liquor Fund ($100,000).
Before the conclusion of Tuesday’s meeting, Mayor Rick Scholtes called for a special council meeting on Monday, at 4:45pm, which they will meet in closed session for Attorney Client Privilege for Pending Litigation regarding the annexation of Riverside Heights.