(Milford)– The Milford City Council Monday evening heard a proposal for a forgivable loan program that would encourage new businesses to locate in the community. Kiley Miller, CEO of the Iowa Lakes Corridor Development Corporation, said it could consist of the city putting $25,000 to $50,000 from its economic development fund into such a program…
“What this would allow you to do is be able to tell the businesses in, or that are looking to come to your community, that yes, we support you, we are enthusiastic about having you in the community, but it also fixes your costs. It ‘s not an open ended expenditure. You’ve allocated $25,000, you’ve allocated $50,000. When the money’s gone, you can take a look at the results and say yes or no, we want to extend the program.”
Miller says his agency has been in contact with two firms interested in setting up shop in Milford. He added the Corridor or another agency could administer the program, which would be somewhat similar to what’s in place in some other communities in the region.
The council expressed interest in creating such a program and directed city staff and Miller to put together a formal proposal for council action.
