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Council reviews draft lease for 300 Court St. with IDA and notes prior loan-extension request
Summary
Town Manager Rodney Newton provided a draft lease for 300 Court Street with the IDA for council review and said Mr. Mike Walker previously requested extending repayment of a town loan until July 2025; Newton recommended the Property Committee meet with the IDA.
Town Manager Rodney Newton presented a draft lease agreement for 300 Court Street with the Industrial Development Authority (IDA) and recommended the town’s Property Committee meet with the IDA to review the lease and a prior loan-extension request.
Newton told council he had spoken with Mr. Mike Walker, who had requested at last month’s meeting an extension on repayment of a town loan until July 2025. Newton said interest rates were coming down and that a committee discussion would be the appropriate next step for negotiating the lease and any loan terms.
Council did not vote on the lease at the Jan. 14 meeting; Newton asked the Property Committee to meet with IDA representatives and return recommended terms to council.
