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Council approves financing to buy property at 11420 Bandar Street
Summary
The council approved capital project financing to purchase real estate at 11420 Bandar Street through First Community Bank of Galena, with an interest rate reported at 4.299% and a $1,500 loan fee; councilors said they were glad to keep financing local.
The Galena City Council approved a capital financing arrangement to purchase real estate at 11420 Bandar Street during its April 13 meeting.
Council member Jerry Wester moved to approve the financing (item 26 C‑0153) and referenced an offer from First Community Bank of Galena with an interest rate of 4.299% and a $1,500 loan fee. The motion was seconded and passed on roll call. During brief discussion, councilors welcomed the local financing and described the terms as reasonable.
The full, itemized total payment figure read aloud in the motion was garbled in the transcript and could not be confirmed; the interest rate and loan fee are reported as stated on the meeting record. Staff will follow standard closing procedures for the property purchase and finalize loan documentation with the bank.
