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Commission approves BLDC recommendation to extend Praxis Center loan portion amid mixed public patience
Summary
The council voted 9–3 to concur with a BLDC loan-committee recommendation extending the Anaconda ARCO portion of the BLDC loan for the Praxis Center through June 30, 2027; Praxis CEO Ray Rogers said interest payments continue and the loan is secured by land, while some commissioners and constituents voiced frustration over repeated extensions and visible progress.
Kelly Sullivan, executive director of the Butte Local Development Corporation, and Ray Rogers, Praxis Center founder and CEO, asked commissioners to concur with a BLDC loan-committee recommendation to extend the Anaconda ARCO portion of a BLDC loan through June 30, 2027.
Rogers said the portion under the commission’s jurisdiction is $221,959 and that at a 5% interest rate it produces roughly $11,097 in annual interest for the ARCO revolving loan fund; Praxis has remained current on interest payments, he said, and the loan is secured by land. “Praxis has remained current on all loan obligations … We’ve never missed a loan payment,” Rogers said. He said the extension is intended to provide additional time to complete project financing and that the financing details remain confidential.
Commissioners voiced both support and public concern. Commissioner Fisher and others urged some principal reduction, saying interest-only extensions erode public confidence; Commissioner Callahan and others argued that the ARCO fund is a revolving fund and interest payments preserve capital for other loans. Commissioner Healy and some members of the public said constituents want to see visible progress (shovels in the ground), while supporters noted completed due-diligence work, design, archaeology and site preparation.
The commission voted 9–3 to concur and place the communication on file. The BLDC loan committee had recommended an extension through June 30, 2027; Rogers emphasized that the extension would not increase county exposure because the loan remains secured by property and interest payments continue into the revolving fund.
