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Committee reviews Dundee property sale, $3.05M debt due June 2026
Summary
Finance staff said the district carries just under $3.05 million in debt on the old Dundee property due in mid-2026; bankers advised against seeking an extension now given a recent ratings downgrade but suggested a six-month extension could be possible later.
The committee discussed the old Dundee property and outstanding debt tied to that parcel. Gail told the committee the loan has about 18–19 months remaining and is due in June 2026; the current outstanding amount was described as just under $3.05 million. She said bank contacts indicated an extension could be possible later (for example a six-month extension) but advised against seeking an extension at present because the district has recently received a bond rating downgrade.
Members asked whether sale proceeds would cover the debt; Gail responded that a sale at current market value should be enough to pay off the loan and potentially yield a modest net amount, but that value depends heavily on the property’s permitted use and zoning. Staff said they will provide an update at the next board meeting when more market information or zoning options are available.
No formal decision to sell or refinance was made; the committee asked staff to keep the group and the board apprised of any bids, market appraisals or material changes to financing options.
