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Council approves loan subordination to let Peace River Wildlife Center seek interim construction financing
Summary
The council approved a subordination agreement allowing Peace River Wildlife Center to secure a short-term loan against its leasehold interest so it can begin Phase 1 site work; council members debated financial exposure, foreclosure mechanics and whether to extend the project CO deadline.
PUNTA GORDA, Fla. — The Punta Gorda City Council voted Feb. 25 to approve a loan subordination agreement that will allow the Peace River Wildlife Center to seek an interim construction loan up to $3.2 million against its leasehold interest while the city retains fee-simple ownership of the land.
City attorney Leskovich told the council the subordination is “procedural in nature” and would give Synovus Bank notice and a 30-day cure period if Peace River were in default, but would not transfer the city’s ownership of the property. “There is almost zero financial risk for the city with this,” Leskovich said, describing the lender’s rights as limited to the leasehold interest and confirming the city would preserve a reversionary interest in improvements at lease termination.
Why it matters: Peace River…
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