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Preston Family Chiropractic approved for $120,000 Jackson County revolving loan with 5-year balloon
Summary
The board approved a $120,000 Jackson County revolving loan (amortized over 20 years with a 5-year balloon) at 6% to Henrichton Property Group LLC dba Preston Family Chiropractic to buy property in Preston; disbursement and transfer paperwork will wait until budget amendments are processed.
ECIA representatives presented a revolving-loan application for Henrichton Property Group LLC (doing business as Preston Family Chiropractic) to buy 144 North Mitchell Street in Preston. The ECIA committee recommended approval after reviewing the applicant's financials and the board discussed collateral, job-creation expectations and loan term options.
Supervisors agreed to loan terms amended during the meeting: a Jackson County loan of $120,000 amortized over 20 years at 6% interest, with a 5-year balloon (board specified an amortization schedule but a 5-year maturity balloon to encourage refinancing). The board approved the loan motion but noted disbursement would not occur until after the county finalizes budget amendments (May 5). The auditor and ECIA staff were tasked with supplying corrected transfer-agreement paperwork and returning to the board for final transfer signatures.
