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Cordele approves $80,000 revolving-loan to Top TC LLC to acquire Pettis Tire
Summary
The commission approved an $80,000 revolving-loan for Top TC LLC (Tom Carter) to take over Pettis Tire Company, after the revolving-loan committee reported required conditions and collateral were met; the approval also advances a Department of Community Affairs (DCA) compliance deadline.
The Cordele City commission on June 2 approved an $80,000 loan from the city’s revolving loan fund to Top TC LLC, the company led by Tom Carter that plans to assume operations of Pettis Tire Company.
Maurice Hill, community advancement manager, said the revolving-loan committee reviewed the application on May 20, identified four conditions, and confirmed those conditions were met. The loan is structured as working capital with a multi-year term; as collateral Mr. Carter will place two rental properties and a second lien on the Pettis business assets. The committee recommended approval to meet a June 26 compliance deadline with the Georgia Department of Community Affairs (DCA).
Commissioners moved and approved the loan after confirming committee documentation. Staff will finalize paperwork, submit required materials to DCA, and execute the loan documents consistent with the committee’s conditions.
Next steps: finalize loan documents and record collateral; DCA notification and submission to meet the agency’s extension requirements.
