STEVENSVILLE A Michiana community will repay a bank for hundreds of thousands of dollars in illegal loans.
According to The Herald Palladium , 1st Source Bank issued two loans to Stevensville in 2008 and 2009. The money was used to buy seven properties downtown, for redevelopment. However, the village never received appropriate approval from the Michigan Department of Treasury.
Todd Gardner, who is now in jail for embezzling from the village, was city manager when the loans were made.
Stevensville must now repay $850,000. They may sell the properties purchased with the loans in order to raise the money.