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Estacada urban renewal agency authorizes staff to negotiate $300,000 loan for Amp Farm cafe
Summary
The Estacada Urban Renewal Agency voted to authorize staff to negotiate a $300,000 loan agreement with Amp Farm at 3.1% interest, a 10-year amortization and a five-year maturity (balloon) after a staff presentation on terms and local repayment timing.
The Estacada Urban Renewal Agency on Wednesday authorized staff to negotiate a $300,000 loan agreement with Amp Farm for the operator’s planned cafe and bakery, setting a 3.1% interest rate, a 10-year amortization schedule and a five-year maturity date that will require a balloon payment or refinancing.
The action followed a presentation from an Amp Farm representative and discussion among agency directors about interest-rate calculations, lien position and the project timeline. A director moved to authorize staff to negotiate the loan; Board member Charity seconded the motion and the agency conducted a roll-call (“robo”) vote in which all present voted yes.
Agency staff explained the 3.1% rate as a proportional calculation tied to current prime: “the current prime right…
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