Oak Hills expansion project gets $50K loan
The Oak Hills Memorial Foundation will receive $50,000 from the
EDA in the form of a forgivable loan.
The Oak Hills Memorial Foundation has started a fundraising campaign for expansion to add 15 enhanced assisted living units.
The EDA considered approving this payment last month but wanted to consult with legal counsel about making it a forgivable loan. With a forgivable loan, Oak Hills would only need to repay the loan if the expansion project did not go forward.
The city attorney determined there were no legal obstacles preventing the forgivable loan.
City Manager Chris Dalton said the Oak Hills expansion project hit on two cornerstones of the EDA mission. It provides additional housing while creating new jobs.
Chairman Daniel Braam asked when the loan would be forgiven.
Dalton said once the project was started and completed, the loan would be considered forgiven.
The board approved the forgivable loan with board member Mark Petersen abstaining due to his employer’s relationship with Oak Hills.