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Winnsboro joint meeting approves EDC resolution to authorize promissory notes for project financing
Summary
At a brief joint meeting, the Winnsboro Economic Development Corporation sought and received city-council approval to authorize issuance of one or more promissory notes to finance project costs; the EDC’s not-to-exceed amount was described as covering all-in costs including property and potential abatements.
Winnsboro’s City Council and the city’s Economic Development Corporation met jointly and approved an EDC resolution authorizing the issuance of one or more promissory notes to finance costs of a local project.
The meeting was called to order at 5:04 p.m., and the presiding speaker noted, “Let the record reflect that we do have a quorum for tonight's meeting.” The EDC’s agenda item asked the council to approve the EDC action authorizing issuance of promissory notes to cover project financing.
Tanya, speaking to the item, described the request as procedural for the financing partner and said, “This is just the formal, thing that Govcap needs for the financing of the key, building, and it's a not to exceed this amount.” She added the not-to-exceed figure was intended to include “all in cost, the cost of the property, and the cost of the, potential abatements.”
Following that explanation, the council member handling the agenda asked for a motion to approve the EDC action. A motion was made and seconded; the presiding speaker called for a voice vote, recorded affirmative responses and stated, “motion carries.” The transcript does not record a roll-call or a numerical vote tally by name.
The presiding speaker closed the meeting at 5:07 p.m. after noting there was no further discussion on the agenda. No further details about the project, the precise not-to-exceed dollar amount, or the identity of the financing partner (beyond the verbal reference to “Govcap”) are specified in the transcript.
