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Sisters URA closed $4.2 million loan to finish Adams Avenue streetscape
Summary
Staff told the committee the URA closed a $4.2 million loan to complete Adams Avenue streetscape work and that the annual principal-and-interest payment on the loan is about $531,000, which staff said is less than current tax-increment collections.
Staff reported that the agency recently closed a $4,200,000 loan to complete Adams Avenue streetscape projects and obtain the capital to finish the remainder of the plan before the 2030 deadline. "This year, just recently, we issued 4,200,000 or we we got a $4,200,000 loan to complete the Adams Avenue streetscape projects," the staff member said.
The staff member said annual principal-and-interest debt service on that loan is roughly $531,000 and that this figure is below the district's current annual tax-increment collections of about $580,000, leaving some excess that can be transferred into the project fund to pay for additional projects or contingency.
