News

Committee supports AEDC authority to borrow funds, buy real estate

Albion’s Citizens Advisory Committee (CAC) gave positive recommendations for several funding requests by the Albion Economic Development Corp. (AEDC) at a special meeting Tuesday evening, Sept. 13.
The requests were approved on 5-0 votes by the committee and will be forwarded to the Albion City Council for action at a future meeting.
CAC recommended approval for a new request that would grant AEDC authority to borrow funds (under $200,000) from a commercial lender to purchase real estate for affordable housing development.
Jeff Jarecki, AEDC president, said the purchase price would be under $200,000, and the property would likely have capacity for eight to 10 residential lots.
Location of the property was not disclosed, but Jarecki said it is within or adjacent to the city limits and is development ready.
CAC voted 5-0 to recommend the authorization to borrow the funds for housing development.
Complete story in the Sept. 21 Albion News/Boone Co. Tribune, print and e-editions.