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RWJPA approves Thor Buildings LLC under capped assignment and buyout amounts
Summary
The JPA approved Thor Buildings LLC's application to participate in the housing program with caps on the loan assignment (no more than the lesser of 80% of construction costs or $631,734.05) and on the buyout amount (lowest of 90% of appraised value, actual construction costs, or $631,734.05).
The board reviewed an application from Thor Buildings LLC to participate in the JPA's housing program for a shouse/barndominium project in Colfax.
Perry Miller moved to approve the application under the JPA's usual housing program terms but with specific caps: (1) the bank loan assigned to the JPA will not exceed the lesser of 80% of construction costs or $631,734.05, and (2) the buyout amount will be the lowest of 90% of appraised value, actual construction costs, or $631,734.05. Jon Braton seconded, and the motion carried by unanimous roll call.
The approval binds the project to the stated assignment and buyout limits; the board did not record other special conditions in the meeting minutes. Staff will finalize necessary loan assignment and buyout paperwork consistent with the approved caps.
