Committee approves Inland Port Authority loans to Fairfield and Salina
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Summary
The Executive Appropriations Committee voted unanimously to approve Utah Inland Port Authority infrastructure loans: $1.6 million to Fairfield Town and $4.66 million to Salina City at 3.23% interest over 15 years; committee noted a prior $5 million PCC land loan already approved.
The Executive Appropriations Committee unanimously approved the Utah Inland Port Authority's request to execute two infrastructure loans: $1.6 million to Fairfield Town and $4.66 million to Salina City, both at a 3.23% interest rate for 15 years. Ben Hart, executive director of the Utah Inland Port Authority, and deputy Ariane Gibson presented the packet and said the loans support industrial-park infrastructure, including a new well and secondary water and road extensions.
Hart and Gibson told the committee the authority previously presented and secured approval for a $5 million loan for PCC land in the West Weaver project area; the current items return to the committee as required once disbursed by state finance. Ariane Gibson said the Fairfield loan is intended to enhance the town’s industrial park and the Salina loan will support water and road infrastructure adjacent to an industrial park and housing project.
A committee member moved to approve the execution of the loans pursuant to Utah Code 63A-3-402. The chair called for the question and the motion passed unanimously. No roll-call vote with individual member votes was recorded in the transcript. The committee thanked Inland Port staff for the presentation.
Next steps: the loans were approved for execution per the terms presented and will proceed through the authority’s and state finance’s disbursement processes.
