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JDA opens public hearing and unanimously approves higher buy‑down for ACME Tools flex‑PACE loan
Summary
The Joint Development Authority held a public hearing and unanimously approved an updated, larger buy‑down amount for ACME Tools’ flex‑PACE loan after staff said rising interest rates increased the amount the community must contribute.
At the Joint Development Authority meeting on March 3, staff reported that rising interest rates have increased the buy‑down amount requested for an existing ACME Tools flex‑PACE loan originally approved in November, and asked the JDA to approve the revised loan terms.
A public hearing was opened and no members of the public spoke. With a motion and second on the floor, the JDA closed the hearing and voted unanimously to approve the updated loan terms.
Staff said the revisions are administrative in nature and were requested because the interest-rate environment changed between the November approval and the closing scheduled for March.
Ending: The revised approval allows the ACME Tools flex‑PACE loan to proceed to closing with the higher buy‑down amount approved by the JDA.
