Council approved the final details for the Estero on the River land purchase including a loan agreement with Capital Bank, a division of First Tennessee Bank National Association.
The total project cost of $24,600,000 is to be funded by a down payment of $4,600,000 from the general fund. The remaining $20,000,000 debt will be at a 4.01 fixed rate with no penalty for prepayment unless the loan is refinanced with another lender and $1,400,000 debt service.
Final closing on this property is to occur on Monday, January 14, 2019. The Village will take over maintenance and securing the property. Planning efforts for this land will begin in several months.