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Council approves capital financing to buy 11422 West Shetland Lane; appraisals pending
Summary
The council voted to approve capital-project financing with First Community Bank to purchase 11422 West Shetland Lane at 4.299% interest and a $500 loan fee, while noting that appraisals have not yet been completed.
The City of Killeen on Oct. 27 approved capital project financing to purchase 11422 West Shetland Lane through First Community Bank with terms stated as 4.299% interest and a $500 loan fee (Item 25CDash0436).
Councilmember Westberg moved the financing; during discussion Councilmember Cindy asked about appraisal status and staff said appraisals had not yet been completed. The motion carried on a roll call.
Finance and legal staff were directed to obtain completed appraisals prior to closing and report back to the council.
