Both the Tomahawk Finance Committee and City Council approved a borrowing resolution at just under $2 million.
Prior to the vote in the finance meeting, the committee heard a discussion from Dave DeYoung. He noted the interim financing is necessary at this point as the second half of taxes plus state aid don’t come in until later this year.
The revised total comes to $1,999,000 through Tomahawk Community Bank. This will include just under $170,000 to cover the land acquisition of the properties at the future site of Hometown Drive, just over $1.1 million for Hometown Drive and Utilities; and $700,000 to cover N. 4th St. expenses.
This is the first of a three step process with long term financing in September and October once work is completed on N. 4th and additional development is underway north of town.
DeYoung advised that he had “no hesitancy in recommending the resolution.” Both finance and the council did unanimously.