Epping Forest special community benefit district seeks $1.5 million loan to renovate marina

County administration told the council on July 15 that the Epping Forest Special Community Benefit District is seeking county authority to impose a $1.5 million loan, amortized over 20 years with a 10-year term through Manufacturers and Traders Trust Company (M&T), to renovate and replace the community marina. “Epping Forest Special Community Benefits District, is entering into a loan agreement with manufacturers and traders trust company… for a loan in the amount of $1,500,000 with a term of 10 years amortized over 20 years that is to be used for the renovation and replacement of the community marina,” Ethan Hunt said. The ordinance would allow the district’s special tax accounts to be charged to repay the loan. Councilmembers asked whether there were detailed project estimates and who ultimately pays the loan. Janae Molden of the Budget Office said multiple plans had been submitted but a final contractor and firm cost estimate had not yet been selected; that information could be provided before the public hearing. Molden also clarified that repayment is imposed on all property owners in the special community benefit district because the marina is community-owned, not just marina members. Ms. Fiedler said she had received emails raising concern that the loan would be repaid by all property owners rather than only marina users; Molden confirmed the loan obligation would be spread across all property owners in the district. No formal vote was taken at the work session; staff said documentation (association meeting minutes, loan commitment letter, bylaws) had been provided to the council and additional contractor/estimate details could be supplied prior to the hearing.