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Council approves loan option to help city manager purchase home
Summary
The council authorized a loan of up to $650,000 to help City Manager Ben Bitter purchase a home, using a fixed interest rate set as the city’s investment rate of return plus 0.5 percentage point.
Maricopa City Council — The council voted to authorize a loan instrument not to exceed $650,000 to assist City Manager Ben Bitter with a home purchase, council members said during discussion of agenda item 7.5.
Councilmember Wade asked that the item be pulled from the consent agenda for public discussion. City staff and the city manager explained the item implements terms anticipated in the city manager’s employment agreement to address the difference between mortgage market conditions and the manager’s existing home purchase in Queen…
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