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City reviewing amended term sheet for Depot 303 loan, staff expects action this fiscal year
Summary
Staff told commissioners they received a Citizens Bank term sheet for the Depot 303 loan and plan to seek amended terms to reduce fees and interest; the city hopes to take action before the end of the fiscal year.
City officials said on Aug. 5 they received a term sheet from Citizens Bank outlining loan terms for Depot 303 and intend to pursue amended terms that could lower interest and reduce bank and legal fees.
The attorney reported the bank provided a term sheet and staff is negotiating to amend amortization and interest. He said management hopes the commission will take action on revised loan terms before the fiscal year ends.
Why it matters: adjusting loan terms could reduce debt service costs and legal expenses tied to the Downtown Depot project.
Next steps: staff expects to receive an updated term sheet within days and will present a recommended amendment and financing action to the commission for approval before fiscal‑year close.
