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How Glendale will pay for Hops Well: loan terms and reimbursement plan
Summary
Town staff outlined loan terms — a $90,000 30-year loan at 1% with a roughly $3,000 annual payment — and described a reimbursement process to recover invoices at the Aug. 18 loan closing.
At the Aug. 6 meeting, a town representative summarized how the Hops Well replacement will be financed: the project carries a $900,000 price tag, $810,000 of which is grant funding, and a $90,000 loan at 1% interest amortized over 30 years. The town’s presenter said interest will start Oct. 1, 2026, the first payment is due Oct. 2027 and the loan is projected to be paid off in 2056.
“The loan will be repaid back over 30 years of 1%. So that is a $3,000 annual payment,” Kyler said in his presentation, adding that the town’s current rate structure is sufficient to cover the additional cost without having to raise water rates. He said the town will prepare a reimbursement request for invoices submitted to date and submit it at the loan-closing meeting so funds can be transferred to the town’s account shortly after closing.
Kyler also walked the council through closing logistics, noting the final bond resolution copies need signatures (mayor and clerk on page 6) and one copy should be mailed immediately to the CIB contact to facilitate turnaround and scheduling for the Aug. 18 closing.
