Estero on the River 10-year Bank Loan
Council approved awarding the fixed rate, 10-year bank loan RFP to Capital Bank, a division of First Tennessee Bank to provide funding for the Estero on the River land purchase.
The purchase price of $26,000,000 will be funded by a down payment of $5,000,000 from the general fund and debt providing for the remainder of $21,000,000.
Public Resources Advisory Group (PRAG) was engaged to develop the Request for Proposals and First Tennessee bank provided the lowest rate. (Summary Sheet)
The following Council actions will finalize the bank loan:
- December 12 – Approve the loan commitment Letter
- January 9 -Approve of Resolution and loan agreement
Estero Chamber of Commerce Request for Funding
Council voted in favor of a one-year investment of $25,000 as a “Diamond Partner” with the Estero Chamber of Commerce as it serves a public purpose. The $25,000 will come from the 2018-2019 Economic Development Funds. (