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Council considers $1.8 million bridge loan to complete 5 MW solar project; vote not recorded
Summary
Councilmembers discussed a requested $1.8 million short-term loan at a fixed 3.95% rate to bridge financing for a 5-megawatt solar installation south of Kennett; a motion was made and seconded but the transcript does not record a final vote.
Councilmembers reviewed a proposal to provide a short-term $1,800,000 bridge loan to finish financing for a 5-megawatt solar facility south of Kennett. The loan was described as temporary financing until the city receives direct-pay investment tax credits expected to equal roughly 40% of the $9,200,000 project cost.
The presenter said the project cost is $9.2 million and that 40% of that…
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