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County staff explains amendment to PTV promissory note for Longmore Estate House loan
Summary
Staff told commissioners that, rather than untabling a previously tabled second addendum to a loan agreement, county counsel and PTV revised the promissory note for a loan tied to the Longmore Estate House. Repayment is scheduled to begin Dec. 1 and one final disbursement remains before opening.
County staff reported that a previously tabled second addendum to a loan agreement with PTV has been superseded by an amendment to the promissory note on that loan, which funds work on the Longmore Estate House.
Staff said counsel and PTV worked to change the promissory note—s amortization table rather than amend the loan agreement directly; because the prior addendum remains tabled, it will not be untabled and will effectively lapse. Staff described this as a cleaner technical approach.
Commissioners and staff said the project is nearing completion: one disbursement remains and repayment on the loan is set to begin Dec. 1. No vote or formal approval on the new promissory‑note amendment appears in the supplied transcript.
