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Columbia authorizes first McGinnis Park payment as solicitor warns BIOS loan needs changes to meet state rules
Summary
Columbia Borough Council authorized a $125,838.47 payment for early site work at McGinnis Innovation Park while its solicitor said the Commonwealth loan terms must be changed to comply with the Local Government Unit Debt Act before final BIOS closing.
Columbia Borough Council authorized Payment No. 1 of $125,838.47 to Iron Eagle Excavating for the McGinnis Innovation Park project and heard an update that the state loan tied to the site needs formal adjustments to meet state debt rules. The council voted unanimously to release the payment during its Sept. 9 meeting.
The borough solicitor, Sean Gable, told council that the Commonwealth financing authority’s BIOS loan, as drafted, conflicted with the Local Government Unit Debt Act. “The big issue is that the terms of the BIOS flow do not comply with the terms of the Local Government Unit Debt Act,” Gable said, and recommended two short ordinances to provide the lender with mortgage security…
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