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Money matters dominate Council discussion

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City Administrator Scot Simpson said the money comes from River Falls' housing reserve fund started from a 1988 grant that had been loaned out and will be repaid in eight years.

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The loan terms are expected to be: Zero interest if repaid in three years; city has first mortgage on the property; loan given only if ONP raises another $240,000 (or more) in private fundraising; and the closing takes place before the end of 2010.

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