FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council is making a change to how loans are awarded from the city’s Legacy Fund.

Councilman Michael Barranda says a new policy was needed after the Council realized they didn’t have a policy specifically regarding loans out of the Fund, which was discovered when the City approved a $2.5-million loan for the Landing project in January.

“We didn’t have the process down quite yet, as far as how we were going to determine the terms of the loan or who was going to finalize it,” Barranda says. “When we created the Legacy process, it was one that was really made for grants.”

So, the new policy is to have loan applicants go through the same vetting process that grant applicants go through, as well as also needing approval from the Fund’s investment committee.