The city of Streator finalized plans to close out its revolving loan funds and move the money to the Barlow Addition sewer project.
The closeout of the city’s revolving loan fund was necessary as the U.S. Department of Housing and Urban Development announced last year it would be ending revolving loan funds.
The city is moving the funds to the Barlow Addition sewer project, which will fund the project along with grant money.
“Effectively, we’ll be spending none of our own money on the Barlow sewer project,” said City Manager Scot Wrighton.
Additional funds from the closeout will be used on a community development block grant eligible street work.
It’s expected the funds with either go toward projects on Broadway Street between Park and Vermillion streets or Wilson Street east of Park Street.
The council also received other economic development updates, which included:
• Hotel plans are expected to be submitted to the city this week for the Hilton Tru hotel pegged for Northpoint Plaza.
• A development feasibility study was completed on the Fehr-Graham Rail-Bridge/ Properties and have been submitted to three potential industrial or warehouse prospects needing rail access in the last six months.