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February 19, 2014

County receives $4.5 million loan

Live Oak —

The Suwannee County Board of County Commissioners voted unanimously recently to adopt a resolution and accept the terms of a loan agreement in the amount of $4.5 million. The funds will be used to cover projects performed at the catalyst site in Northwestern Suwannee County and to cover costs associated with a $3.5 million lawsuit over the county’s breached agreement with Suwannee Landing.

The loan was obtained through Capital City Bank. 

According to Chief Financial Officer Leeta Bronson, the loan is broken down into two types: a taxable loan in the amount of $2.65 million priced at 3.25 percent interest rate fixed at five years and adjusting annually thereafter; and a tax exempt loan in the amount of $1.85 million priced at 2.15 percent interest rate for five years, adjusting annually thereafter. 

Payments will be made quarterly beginning April 2014. The loan will have a maturity date of Jan. 1, 2024. 

So far, the county has invested a total of $8,725,457.43 on projects at the catalyst site. Of that amount, $6,035,241.73 was county taxpayer money while the rest, $2,690,215.70, was grant money (state taxpayer money). 

Although the project is still in the works and more money will be received and spent, Bronson said the county will be actively applying for future grants to assist in the project.

 

 

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