The Vandalia City Council approved two loans from the City’s Revolving Loan Fund at their meeting on Monday night.
The first loan was to Dagon Murray, doing business as Murray’s Restaurant, which will be opening at 112 N. 6th Street on Saturday. There was some questions over what time of protection the City Council has with such a loan. City Attorney Ryan Connor says no special protection and they would fall in line behind larger loaners in case of the business not working out. The City Council approved a loan of $48,300 from the City’s Revolving Loan Fund.
The Vandalia City Council also approved a much larger loan from the Revolving Loan Fund at Monday night’s meeting. The council approved a loan from the Revolving Loan Fund to Todd Stapleton doing business as I-70 Media. The money from the loan will be used for the purchase of radio stations WKRV, WPMB, websites VandaliaRadio.com and I70sports.com and all other assets from Cromwell Media in Vandalia. The proposed loan was for $183,183 and was with 3% interest and for 20 years. It was brought up the possibility of the City of Vandalia being a Co-Lien Holder or a 2nd Lien Holder along with FNB Community Bank to help secure the loan for the City of Vandalia. But, it was decided to take the vote with the loan unsecured. The loan was approved by a vote of 4 to 3 with Aldermen Andy Lester, Russ Stunkel, Bob Bowen and Ken Hubler voting yes and Bret Brosman, Mike Hobler and Steve Barker voting no.
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