The money would be used to pay for the three major projects the town is considering: Bay Oaks, Times Square and Bayside Park. Bay Oaks is expected to be the biggest expense of the three.
Early estimates had the Bay Oaks project pegged at about $6 million, although in recent meetings, the Bay Oaks Recreational Campus Advisory Board has been discussing wish-list items that would increase the cost of that project. A final decision has not yet been made as far as exactly how much will be spent to improve the Bay oaks campus.
The Times Square renovation is expected to cost about $2 million. A final design has not yet been voted on by the council for this project either.
A letter from First Florida Integrity Bank indicates the $10 million loan would be at an interest rate of 3.15%, with the first 36 months as a non-revolving line of credit with interest payable monthly.
After that the town would make monthly payments of $48,448. After ten years there could be a balloon payment due or the town could refinance the loan to pay off the balance.
Last year the town council raised the mileage rate to start putting money aside for these major projects.