PHILO — The village board is eyeing a loan program to help pay for a project to improve downtown's main street.
The project slated for next year would involve milling and overlaying a section of Washington Street from Illinois 130 to Harrison Street at an estimated cost of $200,000.
Trustee Pat Pioletti reported he had met with staff from the Champaign County Regional Planning Commission about the Intermediary Relending Program. The loans for entities in rural areas have a 2 percent interest rate and will pay for up to 49 percent of a project's total cost, up to $150,000.
"The repayment terms are very flexible," Pioletti said. "From our viewpoint, it's a win-win. It's essentially a revolving credit fund."
If $100,000 were borrowed for the street project, another $50,000 could be borrowed for projects like sidewalk construction, new playground equipment or salt storage, Pioletti explained.
Motor fuel tax revenue would be used to pay for the village's half of the project cost.
Pioletti said the village's revenue from video gaming could be used to pay back the loan.