County pays off industrial loan
Houston County’s Board of Commissioners saved the county heavy interest by voting Tuesday to pay off a loan.
In 2012, the board voted to pledge Special Purpose Local Option Sales Tax funds to back a $9.8 million loan to be secured by the Houston County Development Authority. The loan was used to purchase the American Real Estate property off I-75 to be developed and marketed for industrial purposes.
Initially, the loan was set up for 13 monthly payments of interest only followed by 24 monthly installments of principal plus interest. The maturity date was Dec. 28, 2015.
Chairman Tommy Stalnaker said by paying off the loan early the county is saving $62,000 in interest.
“SPLOST proceeds are not at the level as we had anticipated, so anywhere we can save a dollar or in this particular case $62,000, we need to try and take advantage of it,” said Stalnaker. The total for the payoff was $5,767,697.
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