Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Lamar approves economic development agreement to cover interest payments on LBIC loan for proposed commercial park
Summary
Council approved a development agreement to pay interest on a loan secured by the Lamar Business and Industrial Corporation (LBIC) for purchase of 35 acres; administration said the city’s maximum financial exposure is $210,000 annually for two years and staff described developer interest but no commitments.
Lamar — The Lamar City Council voted June 3 to approve an economic development agreement under which the city will make interest payments on a loan secured by the Lamar Business and Industrial Corporation (LBIC) for purchase of 35 acres at the Key Avenue and 20 Fourth Street Southwest intersection.
Administration recommended approval of the development agreement; meeting materials list the financial impact as a maximum of $210,000 annually for two years. The agreement follows the council’s March 18 action to enter into the loan arrangement and returns the final development agreement for…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
