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IDA outlines $678,000 in renovations at 300 Court Street and seeks loan relief; council hears lease proposal
Summary
The Industrial Development Authority reported about $678,000 spent renovating 300 Court Street and requested loan repayment extensions while proposing a 10-year lease to the town for a maintenance shop; council tabled permanent financing decisions until January.
Mike Walker, chairman of the Industrial Development Authority, told the council the IDA has spent approximately $678,000 on renovations at 300 Court Street with about $20,000 in outstanding bills and an outstanding loan balance to the town. The IDA proposed a ten-year lease for the town maintenance department covering 13,192 square feet at $3,000 per month and requested extensions on loan repayment deadlines (including a town loan due in February 2025) to allow time to pursue permanent financing.
Walker said the IDA also has a $100,000 loan to the town due in February 2025 and a $125,000 county loan with the same maturation date; the IDA asked for loan-extension consideration until July 2025. He provided an aerial view, floorplan and a repayment schedule for a $70,000 advance loan from the town with proposed repayments from June 2025 through June 2030. Councilmember James G. Elam Jr. commended the IDA for the project and council agreed to table the permanent financing decision until the January meeting to allow time for review.
Council also approved appointing Robert "Bobby" Marshall to the IDA during the meeting. The minutes note three current lessees in the building and that the town maintenance shop would bring the property to full occupancy if the lease proceeds.
