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Council authorizes $1.999 million promissory note for West Sunnydale road project
Summary
Council approved a promissory note through the South Dakota Housing Development Authority in the principal amount of $1,999,000 to finance the Westgate Road and Cheyenne Boulevard development; finance staff said project draws will begin soon and an amortization schedule will be provided upon project closeout.
The Box Elder City Council approved a promissory note with the South Dakota Housing Development Authority (SDHDA) for the housing infrastructure financing program, authorizing a principal amount of $1,999,000 for the Westgate Road and Cheyenne Boulevard development.
Finance Officer Renee Baker (speaker 9) described the action as the final step in closing the loan for the West Sunnydale road reconstruction project and said the city will soon begin drawing funds and will receive an amortization schedule at project closeout. "This is the final step in our... loan on the West Sunnydale Road reconstruction project," Baker said. Council moved to approve the promissory note, the motion was seconded, and the roll call vote carried.
Council members raised a budgetary question about the final balloon payment and discussed refinancing options; staff indicated there is time to project and save for the payment and to explore refinancing later. The motion authorized the mayor to sign the associated documentation.
