The City of Longmont, Colo., Council on August 13 approved a recommendation to borrow $470,000 from the City’s Fleet Fund to pay for the Longmont Museum’s auditorium expansion, the Longmont Times-Call reported. The loan will be paid back with interest.
An August 13 City Council agenda explains that the project needs the full $4.2 million in funding before it can solicit construction bids. The project is still in need of $467,271 from both funding to be raised and unpaid pledges, which donors have three years to pay.
The Fleet Fund will be used as interim financing for the auditorium construction. The loan will bear interest at a rate matching the City’s annual blended rate of return on investments. Payments of pledges will be applied to the loan balance each month to reduce the loan amount, while staff members continue to campaign for additional funding. Officials expect the Fleet Fund will be paid back in full with interest by Jan. 31, 2018.