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Jerome trustees authorize president to seek loan proposals for roughly $400,000 in financing
Summary
The Village of Jerome Board authorized the president to seek loan proposals to fund about $500,000 in complex improvements, using $100,000 in reserves and seeking approximately $400,000 in financing on a 10-year term; the motion passed unanimously.
The Village of Jerome Board on April 2 authorized President Mike Lopez to seek loan proposals to fund planned improvements to the Village Complex.
Executive Assistant Steve Roth told trustees the total project cost would be “around $500,000.00,” and that the proposal would use $100,000 of reserve funds and seek about $400,000 in financing for a 10-year term. Trustee Ralph Irons moved to authorize the president to solicit loan proposals and Trustee Katrina Christofilakos seconded; upon roll call all voted AYE and the motion passed.
Roth said trustees with lender relationships were asked to explore financing options and bring proposals back to the Board. The motion does not yet commit the Village to a specific lender or loan terms; trustees will review formal proposals before any loan is executed.
