The Manitowoc Public Utilities (MPU) Commission recently approved a short-term loan to the City of Manitowoc for the purchase of the former Lakeshore and Mid-Cities Mall property. Made official during the Common Council meeting on Monday, April 15th, MPU will provide a loan of $6.3 million to be repaid within three years.
This is a unique and exciting opportunity to partner with the City of Manitowoc on economic development for the betterment of the community. The loan is being funded from MPU reserve funds being held for a future capital project for which the timing of the repayment of the loan is conducive.
Because of the magnitude of utility infrastructure costs, MPU is vigilant in ensuring financial reserve levels are sufficient for any unanticipated costs. That financial stewardship is what allows this partnership with the City to be possible. Unlike utilities that pay dividends to shareholders, the public utility business model allows the value to stay within our community, and this partnership exemplifies MPU’s commitment to community.