Milford Redevelopment Commission Approves Five-Year Loan Repayment Plan for Water Utility Improvement
The Milford Redevelopment Commission has authorized a resolution for the Milford Town Council to repay a loan of $558,783.68 over five years, intended for water utility improvements. The loan was initially set at $654,200, but the council only required a lesser amount. The repayment deadline is May 8, 2030. Additionally, the commission appointed Doug Ruch as the new vice president following a requirement for separate appointments.
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The Milford Redevelopment Commission approved a resolution allowing the Milford Town Council to repay a loan of $558,783.68 over five years, with a deadline of May 8, 2030. The loan, initially set at $654,200, was for pre-engineering costs of water utility improvements.
Insufficient funds were available for repayment at the bond closing on May 8, 2025. The commission also appointed Doug Ruch as vice president to comply with regulations requiring separate appointing bodies. The next commission meeting is scheduled for April 13.
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