City considers paying off last of $1 million in loans

The city of Columbus will be paying off a million dollar loan tonight, originally made to help with downtown development.

In May and June of 2011, Cummins Foundation and the Heritage Fund loaned the city $500,000 each to aid with the construction and buildout of The Commons and for the Indiana University Center for Art and Design. The city has been paying $125,000 a year to each of the foundations since then.

At tonight’s Columbus Redevelopment Commission meeting, the city is going to consider the final payments to pay off the last of that debt. The commission meets at 6 p.m. in the council chambers at Columbus City Hall.