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Broken Bow council sets 2.75% interest rate on TIF bond for MW Real Estate
Summary
The council approved issuing a TIF bond for MW Real Estate Investment Group, LLC and set a 2.75% interest rate after City Administrator Dan Knoell reported local bank offers of 3%–5.5%; Bruning Bank will hold the bond.
The Broken Bow City Council voted Feb. 22 to set a 2.75% interest rate on a tax-increment financing (TIF) bond for MW Real Estate Investment Group, LLC, after City Administrator Dan Knoell recommended the rate.
Knoell told the council that local banks had quoted interest rates between 3% and 5.5% and recommended 2.75%. Councilmember Larry Miller moved to approve the rate; Councilmember David Baltz seconded the motion. The motion passed by roll call vote with Miller, Baltz and Council President David Schmidt voting aye.
The council record shows Bruning Bank will be the bond holder. The minutes do not include further terms of the bond, a principal amount, or the project details tied to the TIF; those specifics were not specified in the meeting record.
The decision authorizes staff to proceed with issuing the bond on the approved terms. The council took the vote during a regular meeting that began at 6:00 p.m. and adjourned at 7:07 p.m.
