|County signs Lease-Purchase Agreement|
|Written by Holyoke Enterprise|
Phillips County Commissioners met in special session Friday, April 9. The board had received a bridge loan from Bank of the West to help pay for construction of the final components of the new Phillips County Event Center.
Since the County accepted pledges over five years, a portion of the pledges will not be paid until dates in 2010, 2011 and 2012. The County was also short approximately $300,000 in their fund raising efforts.
On April 9, the board paid down the bridge loan and converted it to a Lease-Purchase Agreement which will be paid off over the next six years. The Lease-Purchase Agreement is in the amount of $550,000. Total cost of the Event Center is approximately $3.5 million.
Payments in 2010 and 2011 will be made from pledges. The remaining four years will be paid from the County’s capital expenditure fund. The Lease-Purchase Agreement necessitated that the Event Center property be deeded to Bank of the West. At the end of the agreement, it will be deeded back to the County.