To: The Honorable Mayor and Board of Commissioners From: Jackie Huffman / Gerry Vincent Subject: Budget Amendment and Authorize Payoff of Commerce Station Loan
At the January retreat, the Town Board requested Staff reach out to Cornelius and Davidson to pursue prepayment in full of the Bank of America loan used to finance the first phase of Commerce Station infrastructure. The Cornelius Town Board has endorsed the loan payoff, and the Davidson Town Board is expected to approve the payoff at their March 14, 2017 meeting.
This item approves the payoff of the Bank of America loan that, net of prepayment penalty, will result in interest savings of $31,230.14 over the remaining 30 months of the loan. This item also allocates the funding necessary to payoff the loan effective April 1, 2017 and recognizes the Cornelius and Davidson contributions as well.
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