We are working to finalize the loan agreement with Western Alliance Bank for the construction loan and additional Association loan. The City’s take-out commitment document has been approved by Western Alliance Bank so the City should be issuing its final copy by early next week. We are working with our consultant Doug Strandness on the final loan amounts. We are hoping that loan closing can occur late next week or early the week after.
HIA Funding and Long-Term Financing
The HIA project at this time is proceeding generally on schedule. It is anticipated that all work on the project may be completed as early as February 2021. We are evaluating the current funding scenario and working to determine if there would be a significant financial advantage (i.e. lower HIA funding repayments) to accelerate the City’s closing on the bonds. Doug Strandness and the Summit House Board are evaluating options and costs and will be providing additional information to homeowners regarding any potential costs savings. At this time, the City’s interest rate on bonds is 2.60%.
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