Harrison County officials have taken significant steps toward advancing the development of Charles Pointe Crossing, as discussed in the recent Commission Meeting on June 22, 2023. A key decision made during the meeting involves a $2 million loan that Charles Pointe Crossing will secure to cover essential costs associated with the project.

The loan will enable the necessary architectural and civil engineering work to proceed, as well as fulfill legal requirements for the construction loan. The bondholder has agreed to subordinate their liens to facilitate this financing, which is crucial for moving the project forward.

Part of the loan proceeds will also be allocated to reimburse the bondholder for previously advanced property taxes on the undeveloped land at Charles Pointe Crossing. Additionally, the auditor's office has confirmed that a refund of approximately $300,000 is due to the bondholder, which will be factored into the overall financial arrangements.

The meeting also addressed the outstanding 2022 taxes and assessments on the Charles Pointe Crossing property, excluding the Menard tract, which has already settled its obligations. The loan will assist in bringing these taxes current.

Importantly, the Commission clarified that no further loans will be secured against the Charles Pointe Crossing property, aside from the construction financing related to the joint venture between Interstate and Charles Pointe Crossing. This construction loan, estimated at around $60 million, will finance the site work and vertical construction planned for the area.

As the project progresses, the bondholder has committed to releasing their liens on the property once the construction loan is finalized. This collaborative effort marks a significant milestone for Harrison County, paving the way for future development and economic growth in the region. The Commission's decisions reflect a proactive approach to ensuring that the necessary financial frameworks are in place to support the ongoing development of Charles Pointe Crossing.