By Sara Quam
The Luverne City Council Tuesday finalized plans to grant the Economic Development Authority $250,000 for a revolving loan fund from the hospital sale revenue.
The fund will likely be put to its first use in a $250,000 loan to Netbriefings as part of a deal to have the Internet Webcasting firm locate in Luverne.
The money paid back from that loan could then be used for other economic development projects.
City staff is working on a plan that could give the LEDA more money for the revolving loan fund at a later time.
Sale of the hospital generated about $4.5 million, of which the council set aside $3 million.
The council's previous discussions have indicated it wanted to invest the money back into the community rather than have the fund sit, unused.
In other business Tuesday:
The council approved plans to create a turning lane on Dodge Street near the Luverne Schools. A parking lane will be eliminated for the project.
Councilman Keith Erickson said, "Right now it takes one car that wants to turn left to back up traffic."
The project will involve 550 feet between Donaldson Street and Highway 75.
The council also approved several budget amendments. They were: $6,000 increase due to unanticipated revenues after the insurance settlement for spring flooding, $1,200 increase for finishing the Red Bird Field backstop, $15,100 adjustment to complete the skate park, and $2,066 for the library to reflect a Rock County Collaborative grant.