The Balaton Economic Development Authority on Monday crossed all the “T”s and dotted the “I”s on a $30,000 mortgage/loan to the City of Balaton as a means to help keep the town’s struggling municipal liquor store open.
The mortgage comes with a number of conditions, including the caveat that once the business dips into the loan — if it comes to that — the City and the EDA, in an effort to be proactive, will begin a discussion about the future of the business.
“They have $29,000 in the account right now,” EDA Director Greg Erickson said, “and when all that money is gone and they need to take money from the $30,000, that triggers the council and the EDA to say, ‘Now it’s time say, ‘OK, what are we doing? Are we going to burn through the $30,000 and then do something?’ That’s the time to say, ‘We’ve got $30,000 left to make it run until we get it sold.’ Hopefully it doesn’t come to that.”
