NEW ULM The New Ulm Economic Development Authority (EDA) approved adding $1,752 to the Family Unit Central Air Project on Tuesday at City Hall.
The EDA is installing central air units in 10 family units. During the process, it was determined that four units needed electrical panel upgrades, thus requiring additional funds.
The EDA also approved the annual Public Housing Operating Budget, which goes through June 30, 2013. The budget contained no significant differences from the previous year.
In other action, the EDA approved a $30,000 loan at 3 percent interest from the EDA Fund to the City TIF Fund to cover short falls.
The TIF was enacted years ago to help pay for the Affordable Housing project, specifically the Milford Heights First Addition. The TIF fund has not yet generated significant funding to keep an appropriate balance. One factor in this situation is that the economic climate significantly reduced housing purchases. The EDA authorized the interfund loan to the fund at appropriate levels. This action is the fourth loan made for this fund, and loans will be made annually until it starts generating its own funds or the TIF ends.
(Josh Moniz can be e-mailed at firstname.lastname@example.org)