Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Board approves plan to pursue financing for Knox County nursing home renovation
Summary
The Knox County Board heard a financing presentation from Midwest Bank and approved moving forward with the county’s selected financing option for a proposed nursing home renovation; the proposal included a $10 million construction line, an initial adjustable rate near 4.8%, interest-only construction payments and no prepayment penalty.
The Knox County Board on July 23 approved proceeding with county staff’s recommended financing option to fund a renovation of the Knox County Nursing Home.
Lance Otting, a Midwest Bank representative, told the board the bank proposed two financing approaches and described the county’s preferred option as a construction draw loan with a $10,000,000 construction line, monthly interest-only payments during an approximately 18‑month build-out and conversion to permanent financing on completion. “We did provide a a…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
