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Murray County approves $45,000 Revolving Loan Fund loan to Currie buyer
Summary
The county approved a $45,000 revolving loan to John Overman to assist with the down payment on a $385,000 commercial shop purchase in Currie; loan terms are 10 years at 4 percent interest and the borrower will contribute $10,000 toward the down payment.
The Murray County Board authorized a $45,000 loan from the county’s Revolving Loan Fund to assist John Overman in purchasing a commercial shop and surrounding property in Currie.
According to the board packet and minutes, the contract for deed purchase price is $385,000 with a required $55,000 down payment. Overman will contribute $10,000; the $45,000 loan will provide gap financing for the balance of the down payment. The loan terms recorded in the minutes are $45,000 repayable over 10 years at 4% interest.
The board approved the loan by motion; Roger Zins moved the measure and Jackie Meier seconded. The minutes state "Motion Passed" and do not provide a roll-call vote tally. The minutes do not specify additional loan covenants or security instruments; those details are to be finalized in loan documents administered by the county’s economic development office.
