A Maryland Department of Housing and Community Development official told the Chesapeake Beach Town Council on Jan. 15 that the state’s Local Government Infrastructure Finance Program could provide tax‑exempt, pooled bond financing for the town’s proposed water park if the town meets application deadlines and legislative requirements.

Charlie Day, who said he helps administer the state program, told the council the mechanism pools multiple local governments to achieve economies of scale and lower interest rates for smaller municipalities. “We have an application deadline of March 3,” Day said, and he outlined a schedule that calls for letters of intent in mid‑April and loan proceeds available to participants on May 21 if the pool goes forward.

The presentation included recent passthrough rates from a May 2025 pool and examples of term options; Day said the program offers fixed amortization schedules once rates are locked at market pricing. He also described a 10‑year lockout that prevents prepayment for shorter‑term loans and explained why that structure can produce lower rates for borrowers.

Town officials separately briefed the council on project progress. The town administrator confirmed the water‑park contract has been signed and said the contractor expects to deliver a schedule of values and a project manager within the next two weeks. The administrator added the contract anticipates a certificate of occupancy in May 2027 “as outlined in our contract.”

Council members pressed staff about how much the town might borrow, timing of the pool and likely terms; Treasurer Dan said an earlier recommendation considered a $5.9 million loan with possible 10‑ or 15‑year structures. Day said pools can vary in size but cited a recent smaller pool of about $12 million and described typical term and rate tradeoffs.

What happens next: staff and bond counsel will evaluate the town’s needs and, if appropriate, prepare and submit a March application and a letter of intent in April. Council members also discussed coordinating local legislative steps in April to ensure eligibility before bonds go to market in May.

The council is scheduled to consider associated budget and bonding steps in coming meetings and will discuss project financing details with the town’s bond counsel if it decides to pursue the state pool.