Cedar Rapids council backs $1.4M emergency loan to Kernels
BPC Staff Oct 21, 2020 | 8:45 pm
<1 min read time
106 wordsAll Latest News, Arts and Culture, Government Policy and Law, Statewide NewsCorridor Business Journal: A package of financial support measures to help the Cedar Rapids Kernels stay afloat was approved by the Cedar Rapids City Council on Tuesday. The minor league baseball team is going through a dry spell without revenue due to COVID-19. The council agreed to guarantee a $1.4 million loan to the Kernels from Bank Iowa. The council also agreed to amend the city’s baseball stadium lease agreement with the ball club to defer stadium lease payments to help free cash flow so that the ball club can pay off its Bank Iowa loan. Lease payments will resume when the loan is paid off.
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