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Blowing Rock council approves $2.25 million installment loan for land, Memorial Park work
Summary
The Blowing Rock Town Council unanimously approved a $2.25 million installment loan to reimburse prior land purchases, fund the final phase of Memorial Park and secure a roof replacement as collateral; JPMorgan Chase offered the low bid at a 3.55% rate.
The Blowing Rock Town Council on Sept. 9 voted unanimously to approve a $2,250,000 installment loan to reimburse the town for previously purchased parcels, pay for the third and final phase of Memorial Park and fund repairs tied to Fire Station 1.
Town staff presented the loan as the final step in a process that began in June. The town solicited bids and received six qualified offers; JPMorgan Chase submitted the low bid at an interest rate of 3.55%, which staff said was confirmed by the Local…
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