August 24, 2016
By AMIE PICKERAL
COLLINSVILLE – The Henry County Board of Supervisors on Tuesday set a public hearing date for a $10 million loan needed for the Meadow View Elementary School project.
David Rose from Davenport and Company LLC of Richmond gave an update on the financial aspects of the project at the meeting. Rose said he spoke with two area banks about the loan for the building site and received two bids comparable to the Fall 2016 Virginia Public School Authority (VSPA) Pooled Bond Program.
“The good news today is that we have a recommendation for you,” Rose said.
While American National Bank presented a good offer with a 20-year fixed true interest cost at 3.55 percent and an all-in TIC at 3.65 percent, first 15-year prepayment penalty plan and $7,500 in legal expenses, Carter Bank and Trust put forth a stronger bid.
“Carter Bank was particularly aggressive in a good way,” Rose said.
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