The Economic Development Authority (EDA) approved the bank loan and associated financing documents that were priced in November. According to Alan Carmody, director of Budget and Management, “The EDA has been very supportive of the project, having now approved the development agreement and all of the real estate agreements as well as the loan. The foundation is progressing well in their fundraising also.”
The Board of Supervisors will see an item during the December meeting to approve of the EDA’s financing. “This is an action for the purposes of determining the tax exempt status of the bonds (not the approval of allowing the EDA to finance the project as the Board approved that previously).” Carmody said.
In December the Board will also has an item amending the proffer on the adjacent apartments to allow an option to accept a cash payment in lieu of having Mr. McLaughlin build the parking lot, he said.