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Anna Community Development Corporation approves refinancing and taxable loan, authorizes $500,000 principal payment
Summary
The Anna Community Development Corporation (CDC) and City Council approved a tax-exempt loan not to exceed $1,442,381.90, a taxable loan not to exceed $916,754.34, and a $500,000 budget amendment to reduce the taxable loan principal. Council voted unanimously on the CDC resolutions.
The Anna City Council on Sept. 9 approved resolutions requested by the Anna Community Development Corporation (CDC) to support downtown redevelopment, including refinancing a prior Lamar Bank loan, authorizing a tax-exempt loan not to exceed $1,442,381.90, and a taxable loan not to exceed $916,754.34.
Economic development director Joey Grisham told the council the CDC board approved the refinancing at its last meeting. "A few years ago, there was a loan with Lamar Bank, and this was a refinance of that loan," Grisham said. He described the action as part…
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