GOSHEN — The town of Bristol hopes to have its downtown bypass project close to complete by the end of the year, the Elkhart County Council heard Saturday.
The council approved a $3 million loan to the town to cover the next phase of the long-term project as well as an interlocal agreement that spells out the terms of the loan, including its standard 2 percent interest rate. The town is expected to repay the money within 10 years, paying no less than $300,000 a year in tax increment finance district funds.
County attorney Craig Buche told the council that town officials don’t expect to need all $3 million and will draw the money out little by little as needed. In 2013, the town was loaned $1.9 million to connect Maple Street to Ind. 15 via Industrial Drive and only used $900,000, which it paid back in a year and a half.