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