Madras Redevelopment Commission approves $4 million refinancing with Webster Bank at 6.14%
The Madras Redevelopment Commission on April 14 approved Resolution No. MRC 2026-01 to issue debt to refinance two lines of credit, selecting Webster Bank with a committed rate of 6.14% on a 20-year term; prepayments are allowed after five years and closing is projected May 5.
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The Madras Redevelopment Commission approved Resolution No. MRC 2026-01 on April 14, 2026, authorizing issuance of debt to refinance the commission's two lines of credit and selecting Webster Bank as the lender. Community Development Director Nick Snead told commissioners the loan carries a 20-year term and that prepayments will be permitted after five years; he corrected an error in the staff report and said "the actual interest rate is 6.14 percent, not 6.5 percent."
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