Cold Spring City Council to Discuss Revolving Loans, the Decker Memorial and Environmental Study for Public Safety Facility

(KNSI) — Cold Spring City Council will meet Tuesday, and they will have multiple potential loans to approve.

Administrator Kris Dockendorf says the Economic Development Authority has run a revolving loan fund for nearly two decades. Once a business pays its agreement back, the money is then lent out to other organizations.

Dockendorf says a proposed loan with Robert and Julie Sabo is for extensive renovations at 113 Main Street. The second is with the Side Bar.

“The one for Sabo (RJS) is they bought a building that’s been vacant for a long time, so they are turning it into an ice cream shop so theirs is a lot of interior work that needs to be done. And then the one for the Side Bar is for some interior and some exterior improvements.”

The proposed interest rate for each $50,000 loan is 5 percent. RJS Enterprises is also using $150,000 in additional financing. The term for each loan is seven years.

Also, at Tuesday’s meeting, the council will discuss purchasing a permanent memorial to fallen officer Tom Decker. He was killed in the line of duty in 2012. Administrator Dockendorf says the price for the statue has increased from $35,000 to $46,000, and it will be paid for with donations from a charitable organization run by Paul Waletzko in Decker’s honor.

In public safety items on the agenda, the council will hear a presentation on the Phase One environmental study of a potential Main Street location for the new fire house and police headquarters. The 1.8 acre vacant lot used to be a storage place for granite mined at an adjacent quarry.

The meeting gets underway at 6:30 p.m.

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