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Council concurs with BLDC to extend Praxis loan amid commissioner concerns
Summary
The council agreed to extend the Praxis Center's loan with interest-only payments through July 1, 2027; commissioners asked for more information about prior extensions and urged attention to principal reduction.
The Butte-Silver Bow Council of Commissioners on July 1 concurred with the Butte Local Development Corporation loan committee's decision to extend the Praxis Center's existing loan and allow interest-only payments through July 1, 2027. Kelly Sullivan, executive director of the BLDC, presented the request and described the loan as current.
Commissioners questioned the history and structure of the loan. Commissioner Jim Fisher said constituents are "very leery of this whole project" and urged that more money be applied to the loan principal. Commissioner Josh O'Neill said he had hesitations about extending time to complete financing. Ray Rogers, founder of Praxis, told the council the borrower had not missed a payment and that annual interest—about $11,097—“goes back into the Arco fund,” according to his remarks.
Commissioner Hattie Thatcher moved to concur and place the communication on file; the motion was seconded and carried 9-0 (Commissioners John Morgan, Trudy Healy and Butch Gerbrandt were recorded as not voting). The council took no other funding action; the extension was recorded as concurred and placed on file.
