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City seeks options to fill $20M shortfall for KLRW project; redevelopment plan heads to Planning Board
Summary
City Manager Edward Blackmon said the Kerr Lake Regional Water (KLRW) project faces a roughly $20 million shortfall; a bank term sheet exists but no formal offer yet. The Redevelopment Committee expects its plan to go to the Planning Board for review next week.
City Manager Edward T. Blackmon told the Henderson City Council on Feb. 14 that the Kerr Lake Regional Water (KLRW) project currently faces about a $20 million financing shortfall and that staff have pursued public and private funding options.
Blackmon said the city has a bank term sheet but not a formal loan commitment. He told council the KLRW Advisory Committee wants to proceed when the financial information is verified…
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