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CDRA extends purchase deadline for local business amid SBA delays
Summary
Acting as the Santaquin Community Development Renewal Agency, the council approved an extension to a land purchase closing date for a local business owner who said federal SBA backlog and appraisal issues delayed financing.
Santaquin — Meeting as the Santaquin Community Development Renewal Agency on Dec. 2, the council approved an extension of a purchase-agreement closing date for a local business owner who said he was delayed by SBA loan backlogs and appraisal issues.
The owner (referred to in the meeting as Alika or Dr. Fisher) told the board the bank and the Small Business Administration were delayed processing loans because of a recent federal shutdown; he said an appraisal request and other paperwork have pushed the expected closing past previously discussed dates. The applicant said the bank estimated the land loan portion would take two weeks originally, but delays and additional appraisals extended that timeline.
City staff told the board they added 35 days to the closing timeline to allow the purchase to proceed after the first council meeting in January if necessary. The board moved, seconded and approved the CDRA resolution to extend the purchase/closing date; staff noted the goal is to close when land funds hit the account and then proceed to the building phase once SBA or builder financing is in place.
The council returned to regular session afterward and adjourned the meeting.
