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Village of Industry authorizes $300,000 interim loan for Pinhook Park Project
Summary
Trustee Thompson moved and the board approved a $300,000 interim loan from the State Bank of Industry to finance the Pinhook Park Project; the motion passed by roll call vote.
The Village of Industry Board authorized interim financing of $300,000 from the State Bank of Industry on March 18 to support the Pinhook Park Project.
Trustee Thompson moved for authorization of interim financing as a $300,000 loan from the State Bank of Industry; Trustee Rittenhouse seconded. A roll-call vote was held and the motion carried. The minutes record the authorization but do not provide loan terms, repayment schedule or the source of budget repayment.
The board's action provides short-term financing to continue the Pinhook Park Project; staff or the village treasurer will need to finalize loan documents and report back with the loan terms, which were not specified in the minutes.
