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Staff says USDA financing may be pathway for Mossberry Springs improvements after iBank parity issue
Summary
Staff reported that iBank required loan parity with other enterprise loans and USDA would not be subordinate; the city has begun discussions with USDA about possible financing for Mossberry Springs improvements.
Staff provided an informational update on potential financing for the Mossberry Springs improvement project. The iBank option required loan parity with existing loans; USDA said it would not accept subordinate or pari passu status, which effectively removed iBank from immediate consideration. Staff said they contacted a USDA representative who indicated the agency may be able to provide financing and staff will pursue that path for further development.
No council action was required; staff said they are continuing conversations and will bring financing recommendations to council when they are available.
