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Board of Finance backs $520,000 interfund loan with airport to buy 201 Flint Avenue
Summary
The City of Burlington Board of Finance voted unanimously to recommend the City Council approve a $520,000 interfund loan from Burlington International Airport to finance the Department of Public Works' purchase of 201 Flint Avenue, with a budget amendment to use up to $140,000 from the water fund.
The City of Burlington Board of Finance voted unanimously Jan. 13 to recommend that the City Council approve a $520,000 interfund loan with Burlington International Airport to purchase 201 Flint Avenue and to approve a related FY2025 budget amendment.
City staff told the board the loan would be made from airport funds and repaid by the Department of Public Works (DPW). Brad, a city finance staff member who presented the financing strategy, told the board the loan would carry a 4% interest rate and that the city was requesting a three-year repayment term with a three-year grace period tied to revenues generated by the…
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