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Lindsay Park Yacht Club asks commission to back 20-year lease to finance dock replacements
Summary
Members of the Lindsay Park Yacht Club asked the Riverfront Improvement Commission on June's meeting to recommend a 20-year lease and accompanying management agreement so the club can secure loan financing to replace multiple aging docks at Lindsay Marina.
Members of the Lindsay Park Yacht Club asked the Riverfront Improvement Commission on June's meeting to recommend a 20-year lease and accompanying management agreement so the club can secure loan financing to replace multiple aging docks at Lindsay Marina.
The request came from Chris Clements and Jeremy Richard, who identified themselves as members of the club's board of directors. Clements told commissioners the club has been managing the marina for decades and is seeking a longer lease term because its lender requires the loan amortization to match the lease and management-agreement term. "IH Street Valley Credit Union has done several loans for previous boards ... The only thing we ask is that the amortization schedule of the loan matched the lease term and the management agreement term," Clements said.
The change is intended to…
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