–The Algona City Council approved a series of amendments to the city’s Revolving Loan Fund during their meeting this week. Deputy City Administrator Barb Smith tells KLGA News the committee that reviews the loan applications recently recommended some changes for the program.
While raising the amount that businesses can borrow, the amendments also set interest rates for the borrower.
Smith says within the last year, the revolving loan fund has been used around five times.
In other business, the council awarded the contract for the Finn Drive and Wooster Street reconstruction projects to Reding’s Gravel and Excavating, as Reding’s had the lowest bid at $2,427,973.
The council also opened the bidding for the 2023 Street Improvement mill and overlay project. Bids will be accepted through April 11th, with a public hearing scheduled for April 17th.