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Onancock EDA hears Lilliston IRF update; repayment projected to begin next July
Summary
The Onancock Economic Development Authority reviewed construction and occupancy for the Lilliston IRF project and recorded a proposed 40-year loan repayment schedule beginning next July; the board will request a DHCD extension and expects $97,000 remaining to be reimbursed.
The Onancock Economic Development Authority on Dec. 9 reviewed progress on the Lilliston IRF project and the loan repayment schedule the board recorded in its meeting packet.
The update said construction on the Realtor office is complete while a hair salon and upstairs area remain in progress. Rosemary Paparo, an EDA member attending remotely, reported that the county building and zoning office expects about six months before issuing a permanent certificate of occupancy; a temporary certificate of occupancy has been issued for the realty office.
Why it matters: the EDA is managing a long-term loan tied to the Lilliston project and needs to coordinate occupancy, reimbursement draws and repayment timing with state funders. The minutes show $97,000 remains available to withdraw and will be reimbursed to the project account.
The meeting record states projected repayment will begin next July; the EDA plans to request an extension from DHCD to October. The packet lists a 40-year repayment schedule (480 monthly payments of $3,300), which the minutes indicate would generate about $1,000,000 in principal payback and roughly $592,935 in total interest over the term. The meeting did not record a formal vote on the repayment schedule; these figures appear as part of the project update in the meeting materials.
Next steps: the EDA will seek the DHCD extension and continue to monitor construction and occupancy milestones before finalizing draw and repayment steps. No formal action was recorded during the update segment.
