DECC unlikely to seek renewal of unused $1 million line of credit

Headlines like this from Sept. 16 of last year do not help the situation, and, in fact, misstate the situation:
“DECC seeks $1 million loan from city to meet cash-flow emergency.”

They were not asking for a loan. They were seeking a line of credit.

Don’t worry, Howie. Business North got it wrong also–“DECC gets loan but goes under tight scrutiny” (Sept. 26, 2023).

Perhaps if it was better explained, then it would not have been such a contentious issue.

It is typically normal and prudent for most businesses to have an established line of credit, because shit happens.

Also, Dan should not have blown off Jason’s question about going to a bank by not elaborating. Very simple answer: In Minnesota, state authorities are not allowed to borrow from commercial banks.

I find it troubling that Dan and the DECC board, including a councilor, talk about it more as a “political thing,” when they should be more concerned about the financial thing.

Sure, they should have a grasp of the political winds, but if it’s prudent financially to extend it, then just do the right thing. If not, why talk politics at a public meeting?

Or maybe there was more discussed, just not reported.