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Carter County to use new loader as collateral for Brownfields loan to support hospital demolition
Summary
Commissioners voted unanimously to pledge a recently purchased loader as collateral for a 0% Brownfields loan tied to demolition/mitigation of the old hospital; staff said the loan will include a lien on equipment and they will seek a lien release after payoff.
The board approved a motion to use a recently purchased county loader as collateral to secure a Brownfields mitigation loan for the old hospital demolition project.
Commissioner (speaker 4) moved that the county use the recently purchased loader as collateral; a commissioner seconded the motion and the board voted in favor. Staff explained the loan paperwork would include a lien on the equipment, that the county would show insurance and purchase price to the loan administrator, and that the county would seek a lien release once the loan was repaid.
Discussion touched on alternative options, including using equipment serial numbers and providing insurance documentation to satisfy the loan administrator. Commissioners said they wanted staff to move ahead and put the documentation in the loan administrator's hands.
