The Lake Placid Town Council on Jan. 12 authorized staff to move forward with renewing a $4 million loan that the town has used to temporarily finance wastewater treatment plant construction costs.

Finance Director Rachel Osborne told council that the line of credit had been used to cover construction invoices pending DEP reimbursement and that the bank was requesting annual renewal. Councilors asked about the interest estimate, the method of interest payments (quarterly versus monthly), and whether other banks were available to provide more favorable rates. "So this is a renewal of the line of credit that the town is already using," Osborne said; she added she would examine whether monthly interest payments could reduce compounding costs.

Council approved a motion that authorized the finance director to provide required documentation to Seacoast National Bank to renew the note for up to $4,000,000 for a one‑year term (with staff direction to explore monthly interest payment terms and to seek better rates or incentives elsewhere). The motion also named the mayor, vice mayor and finance director as authorized signatories to draw funds if necessary under existing protocols.

Council members emphasized the need for transparency on loan documents and asked staff to circulate the loan paperwork when available. Several members urged comparing alternative lenders and confirming whether the arrangement remains a revolving line of credit or a fixed‑term loan; staff said they would report back with the loan contract for final council approval.