Wed. Feb 1st, 2023
The Missouri Development Finance Board is expected to vote on Tuesday for a proposal that could offer additional loans to cities across the Lake Area that have seen a sharp decline in revenue due to COVID 19.
The St. Louis Post Dispatch reports the nearly $5 Million dollar plan would be limited to communities with a population under 25,000 people.
They say the program would allow the cities to repay the loan with no interest for a full year, but an interest rate of 2% would start in year 2 and then increase to 2.75% for years three and four.
Cities wanting to participate in the loan would have to certify they need it in order to prevent a disruption in government services.