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Commission authorizes 3‑party interest reserve agreement to support East End refinance
Summary
The commission approved a three‑party agreement under which the county and the City will contribute $500,000 each to an interest payment reserve account held by United Bank to support refinancing of an East End development project; the development authority must sign a deed of trust before execution.
Monongalia County commissioners on April 23 voted to approve a three‑party agreement among the county, the City of Morgantown and the Monongalia County Development Authority that establishes and funds an interest payment reserve account (IPRA) to secure repayment of a refinance loan for the East End development.
County counsel summarized the history: in August 2024 the county and the city each agreed to…
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