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Blowing Rock council approves $2.25 million installment loan to fund land purchases, park work and Fire Station repairs
Summary
The council authorized moving forward to close a $2,250,000 installment loan after a public hearing; staff recommended JPMorgan Chase’s 10-year bid at a 3.55% interest rate and an $8,000 closing fee. Uses include two land purchases, the final phase of Memorial Park and roof work on Fire Station 1.
Blowing Rock’s town council voted unanimously Sept. 9 to proceed with a $2,250,000 installment loan that town staff said will fund the purchase of two parcels for public safety and infrastructure needs, pay the final phase of Memorial Park and cover roof work at Fire Station 1.
At a public hearing, Mr. Fox, who presented the borrowing plan, summarized the solicitation process and the Local…
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