Portion of $117 million in federal aid may actually be a loan
BPC Staff Sep 7, 2018 | 7:57 pm
<1 min read time
106 wordsAll Latest News, Government Policy and Law, Statewide NewsCedar Rapids authorities are pushing U.S. representatives for answers after the Army Corps of Engineers said a portion of the $117 million in federal aid announced this summer for flood protection would need to be repaid as a 30-year loan, the Cedar Rapids Gazette reports. In a letter to U.S. Sens. Joni Ernst and Chuck Grassley and Rep. Rod Blum, Mayor Brad Hart and City Manager Jeff Pomeranz said the city received “verbal details” that the amount committed to Cedar Rapids is 65 percent of the $117 million, or $76 million, and the remaining $41 million would be a low-interest loan paid over 30 years.