LIMA — Last-minute ordinances added to Lima City Council’s agenda during its Monday night meeting concern a low-interest $100,000 loan paid by the Lucas County-Toledo Port Authority and given to M&M Investing, LLC — the company of Councilor Sam McLean and former councilor Ray Magnus — for energy improvements at their new business on North Main Street, 318 Restaurant & Bar.
Susan Crotty, director of community development, said the Energy Special Improvement District program was authorized by Lima City Council in November 2017. This is the third time the loan program has been used by Lima businesses. Crotty said a few more projects utilizing the district, which encompasses all of Lima, are in the pipeline.
Lima City Council approved the ordinances on first reading after they were presented to Council Clerk Dana Addis on Monday night. Addis typically creates the council agenda the week prior and makes it available online.
The ordinances allow the loan to be paid back through city assessments over a four-year period starting in 2020. The loan pays for LED lighting and an HVAC system installed in the restaurant.
McLean abstained from the vote.
Crotty encouraged anyone looking to make energy improvements to an older building to contact the city to see if their projects qualify for the low-interest loan program.
Reach Josh Ellerbrock at 567-242-0398.