L’Anse approves bank agreement
L’ANSE — The L’Anse Village Council held its December meeting on Monday. The meeting primarily revolved around the council approving the MDOT state infrastructure bank agreement approval.
The contract’s purpose is to assist the village in financing transportation infrastructure improvements through multiple road and culvert repairs from flood damages in the western Upper Peninsula in 2023.
The contract will be in effect until the end of the year and will loan the village $495,000. Village Manager Bob LaFave explained that this money will be is reimbursable.
“The State Infrastructure Bank Program will allow us to take those incurred expenses and charge it with 0% interest towards the allocated amount in the state infrastructure bank agreement,” he said. “Then we can get reimbursed by the federal government and repay the state once that shows up.”
LaFave then explained a federal program will be set up which goes through the Keweenaw Bay Indian Community and then more parts of the program will be coming out in the upcoming months.
The meeting then concluded with an agreement to dismiss the second council meeting of the month and to pay the village’s bills. The next meeting shall take place on Jan. 13.