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Commissioners approve $2.5 million loan for community college

In a four-minute meeting, Rowan County commissioners on Monday approved a $2.5 million loan to pay for renovations at Rowan-Cabarrus Community College.

The proposed loan will next head to the Local Government Commission, which is scheduled to meet on Oct. 6. Rowan County is then scheduled to finalize the loan on Oct. 15. The loan, approved unanimously by commissioners on Monday, came from Suntrust Equipment Finance and Leasing with an interest rate of 2.45 percent. During 10 years — the period proposed for the loan to be repaid — Rowan County would pay $331,282 in total interest with SunTrust’s proposal.

With the 10-year repayment term, Rowan County would make its final payment on the Rowan-Cabarrus Community College loan in 2025.

A total of $1.9 million from the loan proceeds would be used for HVAC renovations and $600,000 would be for special cabinetry in the dental lab and various renovations.

In a public hearing that preceded the commissioners vote, RCCC Chief Facilities Services Officer Jonathan Chamberlain was the only one to speak. Chamberlain only offered to answer questions commissioners might have.

Commissioner Craig Pierce made a motion to approve the loan. Commissioner Mike Caskey seconded the motion. It was approved without opposition. Including the pledge of allegiance and prayer, the meeting lasted four minutes and seven seconds.

A public hearing for the loan had previously been scheduled for commissioners’ Sept. 8 meeting. Because of a clerical error, it was postponed. Commissioners Chairman Greg Edds said Monday was the both the earliest and latest commissioners could have approved the loan and made it in time for the Local Government Commission’s Oct. 6 meeting.

First Bank also submitted a loan proposal with an interest rate of 3.25 percent, for a total of $423,557 in interest. It was not recommended by county staff.

Already in 2015, Rowan County commissioners have approved $10.45 million in loans. A total of $6.5 million was for the Rowan-Salisbury School System central office and $3.95 million was to replenish the county’s fund balance from the purchase of West End Plaza.

Contact reporter Josh Bergeron at 704-797-4246.

 

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