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Matthews approves $1.75M tourism‑fund installment financing, board authorizes potential early principal payments from fund balance
Summary
Matthews approved a $1.75 million, 10‑year installment financing agreement with Town Bank to reimburse tourism‑fund costs tied to a recent property acquisition and authorized staff to apply to the Local Government Commission.
The Board of Commissioners on April 28 approved a 10‑year installment financing agreement with Town Bank to cover $1,750,000 in tourism‑fund‑eligible costs tied to a recent property purchase.
Finance staff presented two proposals received in response to an RFP and recommended a 10‑year agreement with Town Bank at a 4.20% rate and annual payments of $218,570. Theresa told the board…
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