The city of Manitowoc will be borrowing money from Manitowoc Public Utilities regarding the Lakeshore and Mid-Cities Mall property.
MPU announced that it will provide a loan of $6.3 million, which the council will pay back over three years.
A press release from MPU says it’s a unique and exciting opportunity to partner with the city on economic development for the betterment of the community.
The loan funding comes from MPU reserve funds held for a future capital project.
Financial stewardship allows this partnership with the city to be possible because, unlike other utilities, the money stays in the community.