City of Beloit hopes for share of federal bailout

By BETH WHEELOCK ( Contact ) Sunday, Jan. 4, 2009

The City of Beloit is ready to apply for its share of the federal banking industry bailout.

Assistant City Manager Steve Gregg says the funds are part of the federal bailout of the banking industry. The awards are based on the assumption that there will be properties that are foreclosed and possibly abandoned due to sub-prime mortgages. With City Council approval Monday night, the city would apply for $2.3 million.

Beloit would be notified of its award in spring, and would identify potential properties to purchase over the summer.

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