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Council OKs refinancing of industrial park land

Council OKs refinancing of industrial park land

Posted: Wednesday, December 30, 2009 8:59 pm
By: Donna Ryder Messenger Associate Editor

 By DONNA RYDER Messenger Associate Editor The Union City Council met in called session Tuesday night to renew a land purchase outlay note not to exceed $21⁄2 million. Interim city manager Kathy Dillon told the council the action is to refinance the note on the industrial park land. The loan was due Dec. 1 and the holder of the note, First Citizens National Bank, is willing to renew it for one year for $2,440,000, with $60,000 being paid toward the note. The city has 30 days past the loan due date to take action, she noted. The $60,000 comes from the sale of a portion of the land to Greenfield Products. The council also voted to amend the 2009-10 budget to allow for the payment. Although on the agenda for the called session, Ms. Dillon asked to delay action on a request for the mayor to sign an agreement for engineering services with Wauford Engineering on I-69, Phase 1. The meeting was opened in prayer by city attorney Jim Glasgow Jr. Associate Editor Donna Ryder can be contacted by e-mail at dryder@ucmessenger.com. Published in The Messenger 12.30.09

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