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IDA ratifies mortgage/loan for Frankwood tenant and approves 2‑acre sale to Black Gold
Summary
The board ratified authorization related to a lease‑back and $2.3 million mortgage request for Turbo Machine at Frankwood Business Park, and approved selling a roughly 2‑acre contiguous parcel to a holding company associated with a local trucking operation (Black Gold); pricing and closing steps to follow.
Staff updated the board on a lease‑back with Turbo Machine and said the company is pursuing a $2.3 million loan consistent with the leaseback documents previously authorizing mortgage financing. The board affirmed the mortgage‑recording tax treatment and ratified the financing step so the company can proceed with bank financing.
Separately, the board reviewed an offer from a holding company affiliated with an existing trucking operation to acquire a roughly 2‑acre parcel adjacent to the company's existing facility in the business park. Board members said prior meetings had established price terms and discussed site conditions (including a silo on the parcel). The board moved to approve the transfer and authorized staff to prepare the required resolution and closing documents; specific sale price was discussed in prior sessions and not restated in detail in this public portion.
