EDA meets in special session
The EDA Board of Directors met in a special session last Friday and welcomed Front Royal Mayor Gene Tewalt, who discussed several matters of common concern, chief among them the Afton Inn and the Front Royal Police Department. The board also took action on an important banking agreement with First Bank & Trust.
First, Mayor Tewalt and the Board discussed the future of the Afton Inn. They considered buying the building back, proceeding ahead with renovations, or removing the building. As part of their commitment to the project, the EDA voted to approve an engineering study to determine what it will take to weatherize the building and ensure its structural integrity.
Mayor Tewalt then moved to the subject of the police department. He stated that the Town would like to move ahead on securing their own permanent financing in February. While the principal amount on the construction loan is not in dispute, the EDA Directors pressed the Mayor to work with the Town Council to come to an agreement about the amount of money the EDA has paid in interest on the loan.
The EDA also approved an important agreement with First Bank & Trust to extend the terms of a current Line of Credit at a lower interest rate. Executive Director Doug Parsons noted the reduced rate will save over $67,000 per year in interest payments.
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