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Staff presents plan for $750,000 bridge loan to carry project until construction financing
Summary
Staff told the committee there is a $150,000 grant and a $750,000 funding line available and proposed treating the larger amount as a short-term bridge loan while the project secures a construction loan; staff said county terms are still pending and paperwork is being prepared for the board.
Staff and committee members discussed short-term county financing to keep a construction project moving while the permanent construction loan is secured. A staff member said the project already has a $150,000 grant and a $750,000 funding line and proposed using the larger sum as a bridge facility. "Essentially, trading it as what I would basically term a bridge loan, meaning get us to when we get our construction loan," the staff member said.
The staff member described options for the bridge loan's structure, including a five-year term or an introductory 0% period until project approval, while noting the county had not yet sent final terms. The staff member said they hoped to have county terms by the next board meeting so the committee could review and make a recommendation; a committee member said the board could place the proposal on its agenda for next week for concept approval. The discussion included an explicit reminder that final terms, interest rate and repayment schedule remain subject to the county's formal paperwork and supervisors' sign-off.
