Parks board moves to pursue loan negotiations for park simulators

The Logansport Parks and Recreation Board voted to accept a loan RFP recommendation and authorized staff to continue negotiating with Security Federal Savings Bank to finance purchase of what the meeting packet described as "the stone simulators of Dighton." The motion passed by voice vote during the board's regular meeting; the loan will require approval by the Logansport City Council.

Board members reviewed responses from three banks to the department's request for proposals: Loansport Savings Bank, Security Federal Savings Bank and Horizon. "Security Federal had the lowest rate, at 5.13%, which obviously made the annual payment a couple thousand dollars less than everybody else," Jan (Parks and Recreation Administrator) said during the discussion.

The motion, as stated in the meeting, was to "accept the loan RFD to purchase the stone simulators of Dighton and for Jan to continue negotiating with Security Federal." A member moved the motion and it was approved by voice vote; individual roll-call votes were not recorded in the transcript.

Board members noted the final borrowing amount may change as staff completes negotiations. Jan said the department expects to present loan terms to the Parks Committee and then the City Council for final approval. The board scheduled follow-up discussion with the parks committee and indicated the city council must sign off on the loan.

The board did not adopt a binding contract at the meeting; the vote authorized staff to continue negotiations and pursue the recommended lending option pending council approval.

Questions about final repayment amounts, exact contract terms and the precise description of the equipment to be purchased were not specified in the meeting record.