City of Sheldon to Save About $160,000 With Reduced Interest Rate on Loan

Date posted - March 8, 2012

With the cooperation of the four banks in Sheldon, the City will save about $160,000 in interest on an existing loan.

In 2007 Sheldon borrowed 1.9 million dollars from the banks to pay the city’s obligation to the Lewis and Clark Water project. The interest rate on the loan was set at 4.59 percent. However because interest rates have gone down since that time, the banks have agreed to amend that rate to 2.47 percent for the remainder of the loan period. City Manager Scott Wynja told the city council this should save the city about $160,000.

The Council also approved the sale of property to Evelyn Kats for one dollar. The property involved is a two and a half foot strip on the East edge of the former Pucci’s property. Part of the adjacent Kats building is situated on that strip of land.

In other business at their Wednesday meeting the Council approved the preliminary and final plats of the Runger’s 4th Addition, approved rezoning of the property just west of the new Hy-vee store from light industrial to arterial commercial, and approved rezoning the former Data Dimensions property on Western Avenue to Residential Multiple. This will make it possible for Crossroads Community Church to purchase and use this building for their church.

And the council approved the third reading of an ordinance which will make it legal to use golf carts on City Streets. People who wish to drive a golf cart on city streets must get a permit at the city office and abide by all provisions of the ordinance.

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