Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Projects topic
No spam. Unsubscribe anytime.
Sharpsburg approves short-term bank loan to advance Historical Park project pending grant reimbursement
Summary
With grant reimbursements delayed, Sharpsburg council approved a secured short-term construction line from Jefferson Security Bank so the contractor can be paid upfront for the Sharpsburg Historical Park project.
Sharpsburg’s council on Oct. 7 approved a secured short-term construction line of credit from Jefferson Security Bank to allow work on the Sharpsburg Historical Park to start before the town receives delayed grant reimbursements.
Council received one responsive bid from Huntzberry Brothers, Inc. for $344,995 — $66,252 under the project grant of $411,247. Program Open Space staff told the council that reimbursements are running four to five months behind, meaning the contractor would need to be paid before grant funds arrive. Jefferson Security Bank agreed to establish a secured construction line of credit to cover up-front contractor payments; Councilmember Robbie Waters moved to approve the request and Vice-Mayor Jacob Martz seconded the motion, which carried.
Council plans to pay the bank back with the grant reimbursement once Program Open Space processes the claim. Samples of proposed project materials will be presented to the council at the November meeting for final confirmation.
