City may increase loan to PLGCPublished 11:21am Friday, November 16, 2012
A Fergus Falls city committee has recommended doubling the line of credit to Pebble Lake Golf Course to assist with cash flow over the winter months.
The Fergus Falls Public Works and Safety Committee on Wednesday recommended the council approve an extension of the line of credit to $300,000 from $150,000. The committee also recommended the council defer its $497,000 loan to the golf course, used for the course’s irrigation system and maintenance shop, for two years.
The Fergus Falls City Council will consider the recommendations Monday.
The line’s current balance is at about $120,000. The city would internally finance the line of credit would charge 3 percent interest on it. The irrigation/maintenance facility loan is also at a 3 percent interest rate.