Blowing Rock council approves $2.25 million installment loan to fund land purchases, park work and Fire Station repairs

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 Government Commission (LGC) review. He said the town received six qualified bids and recommended JPMorgan Chase’s 10-year offer at a 3.55% interest rate; he added the closing includes an $8,000 fee that slightly raises the effective cost. “Our recommendation is for you all to approve tonight the resolution that would allow for us to move towards closing,” Mr. Fox said.

Fox said the town’s first scheduled closing date is Sept. 16 and that the first debt payment would be reflected in the 2026–27 fiscal year budget, with the first payment due in September 2026. He also reported current annual debt payments of about $1,750,000 and projected next-year payments of roughly $1,500,000 after the new loan and other roll-offs are accounted for.

Council members asked clarifying questions about timing and budget impact before the mayor closed the public hearing and a motion to adopt the enabling resolution passed unanimously. The resolution authorizes staff to finish the closing process and related documents; council did not amend the loan terms during the meeting.

Next steps: staff will proceed with closing documents and return any required final paperwork to the council or LGC as needed.