The Town of Normal may borrow about half the money to build a new fire station.
The town council, which meets Monday night, will consider a $2.5 million loan agreement with Busey Bank. The projected price of the fire station is $4.9 million. The funding mix town staff is proposing is $1.4 million from current town coffers, $1 million from a state grant and borrowing the rest. Staff said interest rates are low and the fire station is a long-term asset.
Staff argues it's a good idea to pay for a portion of the fire station over about nine years, and free up other money to be used sooner on other projects. The loan would mature in June of 2031.
The total interest cost on the proposed borrowing from Busey would be $203,939. Four other bidders for the loan offered interest rates above Busey's 1.46%.
Also at the meeting that begins at 7 p.m. in the council chambers in Uptown Station, the council will consider a proposal to expand Maggie Miley's pub in Uptown.
And council members are expected to vote on a property tax rebate of more than $105,000 to the Shoppes at College Hills under a long-term development incentive agreement. The Shoppes would still pay about $50,000 in property taxes for the year.
