The Banks County Development Authority is looking at possible funding options for two projects in the county – Hudson River Business Park and “BanksXing 109.”
The county has received roughly $500,000 in Local Maintenance and Improvement Grant funds for the two projects, but the development authority is considering ways to fund the $240,000 county match.
The Hudson River Business Park project is to locate access roads into the development which is located on Hwy. 441 at Windmill Farm Road.
The “BanksXing 109” project is to locate access roads at Banks Crossing between Pritchett Tire and Boots Etc.
Banks County Planner Brad Day presented several options to the authority at its Sept. 24 meeting. One option is an interest-only, 3-5-year term, at $800 per month; another was a 10-year term with a 10-year amortization at roughly $2,400 per month.
The third option and the one the authority favored was a 10-year term loan, with a 15-year amortization. Day said the payments would be roughly $1,775 per month.
Day told the authority that a possibility for getting a lower rate would be to ask the county (BOC) to back the loan.
“This would enable you to possibly get a tax-free interest rate,” Day said.
Development authority chairman Scott Ledford said, “We need to pay on principle. This is primarily a pay as you go community.”
Ledford said the authority needs to develop a path to ownership for the property. Ledford also recommended that Day look for a bank that would be a partner - not just a provider and to look at local banks first.
Day said he would get more specific proposals and bring them to the next meeting.
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