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Downtown Visions asks Wilmington to extend Downtown Business District authorization to 2039 to secure refinancing
Summary
Lashawna Maxwell of Downtown Visions requested a 10-year extension of the Wilmington Downtown Business Improvement District through Oct. 1, 2039 so the nonprofit can refinance a mortgage with a balloon payment due Aug. 8; the committee will refer the ordinance to the June 18 council meeting.
Lashawna Maxwell, senior director of Downtown Visions, told the Finance and Economic Development committee on June 8 that Downtown Visions seeks a 10‑year extension of the Downtown Business Improvement District authorization (currently set to expire Oct. 1, 2029) to Oct. 1, 2039.
Maxwell said the nonprofit—which manages downtown ambassadors, operates a weekly farmers market and runs the Wilmington Main Street program—needs the extended authorization to refinance a mortgage with a balloon payment due Aug. 8. "We are in the process of extending our more existing mortgage. We have a balloon payment that's due on August 8th, and without that extension, we cannot borrow beyond our authorization," she said.
Maxwell described a planned refinance with a 7–10 year term and 20‑year amortization to lower annual payments. Committee members had no substantive questions; the item will appear on the full council agenda on June 18 for further consideration.
