TITLE
Title
TAX EXEMPT LOAN FOR NORTHEAST FIRE DEPARTMENT
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SPONSOR
Sponsor
Jim Albright
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BACKGROUND
Background
Replacement Tanker:
Quote from Select Bank for a loan for a new Tanker in the amount of $410,000.00. Terms to be 3.75% fixed, 7-year term, 15- year amortization with payments of $36,234.14 annually.
Refinance fire station:
Quote from Select Bank for a loan to refinance the mortgages on Station 32. There are presently 2 USDA 40 year notes on the property. The proposed loan from Select Bank will consolidate the 2 loans and reduce our payment $8,463.92 each year and reach payoff 3 years sooner than the USDA notes. Terms to be $552,000.00 at 3.75%fixed, 7-year term, 20-year amortization with annual payments of $39,723,08.
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BUDGET IMPACT
Budget Impact
DEBT SERVICE WILL BE PAID BY NORTHEAST FIRE DEPARTMENT - NO COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Approve a tax exempt loan with Select Bank and Trust, 3158 South Church St., Burlington, NC 27215 for the Northeast Fire Department for the purchase of a replacement tanker and refinancing of a mortgage on Fire Station 32.
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