Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Loans topic
No spam. Unsubscribe anytime.
Board moves forward on $40,000 loan recommendation for Shepherd Hills
Summary
The board’s finance committee recommended and the board approved a $40,000 loan for Shepherd Hills with standard 1% terms; approval was recorded by voice vote with no roll-call tally in the transcript.
The Tioga County development board approved a committee recommendation to provide a $40,000 loan to Shepherd Hills. Committee members described the package as guarantor-supported with acceptable collateral and credit metrics; the committee recommended approval and the board approved the recommendation by voice vote.
A committee presenter summarized due diligence, described the collateral and guarantor support and sought a motion to approve the loan on the standard 1% term. After no substantive objections, a motion was made and members indicated assent with a voice vote of "All in favor say I."
The board did not record a named mover, seconder or a roll-call tally in the transcript. Staff noted they would proceed with standard loan documentation and closing steps once the agency finalizes paperwork and any lender conditions are satisfied. The meeting record does not show specific covenants or borrower responsibilities beyond the general statement that the loan is guarantor-supported and intended to serve as a community asset.
