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Anna council approves CDC loan package to refinance downtown land, fund parking lot
Summary
Council unanimously approved a resolution authorizing CDC loans — a tax-exempt loan up to $1.5 million and a taxable loan up to $940,000 — and a $500,000 principal payment to reduce the taxable loan, to support downtown land refinancing and a future parking lot.
The Anna City Council unanimously approved a resolution on June 10 authorizing an Anna Community Development Corporation (CDC) project that includes a tax‑exempt loan of up to $1,500,000, a taxable loan of up to $940,000 and a $500,000 payment to reduce the principal of the taxable loan. The motion to approve was made by Council Member Totten and seconded by Council Member Herndon; the vote was 7–0.
Economic Development Director Bernie Parker told council the CDC owns roughly five acres of downtown property and the…
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