Type: Deliberation
Department: BOCC - Board of County Commissioners
Directors' Update: Dec. 24, 2019
Business Meeting: Dec. 30, 2019
Summary:Amendment to the .09 Loan agreement between Lewis County and the East Lewis County Public Development Authority (ELCPDA)
Publications:
Cover Letter To: East Lewis County PDA
Additional Copies To: Arny Davis and Rodney Reynolds
AMENDMENT TO THE .09 DISTRESSED COUNTIES LOAN AGREEMENT BETWEEN LEWIS COUNTY AND THE EAST LEWIS COUNTY PUBLIC DEVELOPMENT AUTHORITY
WHEREAS, on June 22, 2009, Lewis County resolved to provide .09 Distressed Counties funding to the East Lewis County Public Development Authority (ELCPDA) in the aggregate amount of $600,000.00 for the purpose of funding the Packwood Business Park, Phase II. This funding came in the form of a grant in the sum of $300,000.00, and also a loan from Lewis County to the ELCPDA in the amount of $300,000.00 ; and
WHEREAS, The ELCPDA has a remaining balance due to Lewis County of $246,647.72 on the 2009 loan; and
WHEREAS, in order to assist the ELCPDA with maintain its financial viability, both Lewis County and the ELCPDA agree to an amended repayment agreement.
NOW THEREFORE BE IT RESOLVED The pending December 1, 2019 scheduled payment to Lewis County shall be suspended as to both principal and interest. Beginning in 2020, and for the next five years, thereafter the ELCPDA shall make interest only annual payments to Lewis County in the amount of $4,932.95. Thereafter, the ELCPDA shall resume making annual payments in the amount of $23,322.91, consisting of both principal and interest, until such time as ELCPDA’s debt obligation to Lewis County is satisfied in full.
DONE IN OPEN SESSION this 30th day of December, 2019.