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La Salle council approves land purchase, loan and bonds for park

Posted by wlpo on May 17, 2010

A short-term loan and General Obligation Bonds needed to expand La Salle Rotary Park have been approved by the city council.  The council Monday night gave the okay to the loan and bond issuance which are for $300,000 each.

It covers the price of buying land from Illinois Cement.  The city needed to make the purchase soon so they could use a state grant that reimburses them for half of the purchase cost.

It also allows them to take the next step, applying for another grant to further develop the par.

The loan is to be paid back over one year.  It’s through Hometown National Bank.

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