Anna EDC authorizes up to $6.19 million in promissory notes for new project
November 13, 2025 | Anna, Collin County, Texas
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EDC staff introduced the project and said the board’s approval would allow staff to pursue financing and later present related purchase-and-sale agreements to the City Council. "We approved to move forward with a financing that's not going to exceed 6,000,000, $191,500," the Presiding Officer said during the motion to authorize funding.
Matt Sullivan of Government Capital, who addressed the board, described the firm’s recommendation to lock a fixed taxable rate while the market is favorable. "This is good through December 15; a rate of 5.67%... that's gonna be quarterly P and I," Sullivan said, noting the proposal included staged call provisions that would make the note non-callable through Dec. 2029, callable at a premium in the subsequent years, and callable at par thereafter. Sullivan added that the structure differs from prior five-year rate resets but could save tens of thousands in interest even after early-payment premiums.
Staff warned that, under the financing timeline, City Council ratification of the EDC’s action must occur within 60 days of funding. "When city council ratifies they have their portion they have to pass, that has to happen within 60 days of funding," Sullivan said to remind the board of the timing constraint.
The board moved, seconded and approved the resolution to authorize financing up to the stated limit. No individual roll-call vote tally was given in the public record beyond the oral approval.
Next steps: staff will finalize financing details with Government Capital, return to the board as needed to set exact terms, and coordinate City Council ratification within the required 60-day window.
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