KETCHIKAN, Alaska — The Ketchikan Gateway Borough is deciding whether to loan $600,000 in federal economic development money to a nonprofit group that wants to advance the local mariculture industry.
The Ketchikan Daily News (http://bit.ly/1BGkZK0) reports the loan would be used to pay operating expenses of Ketchikan-based OceansAlaska.
The marine science center is shifting its focus to production of oyster and geoduck (GOO'-ee-duk) seed.
Geoducks are highly prized, large burrowing clams that can fetch up to $50 a pound in Asian markets.
The city already granted money to the group. Under the latest proposal, that money and another $441,000 would be combined into a 20-year loan.
The proposed loan could come up for a final vote Monday night.
Information from: Ketchikan (Alaska) Daily News, http://www.ketchikandailynews.com
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