The city of Butler is guaranteeing credit for the Stadium Authority to purchase Kelly Automotive Park.
At a Butler City Council meeting Thursday night, council voted unanimously to issue a Guaranty of a Credit Facility for the Butler City Parks, Recreation Grounds, and Facilities Authority in the amount of $325,000.
The Stadium Authority has been negotiating for months to reach a deal with the USDA and Dollar Bank; however, the city needed to become involved in order to guarantee the repayment of what will end up being a much smaller loan than the original.
More details about the agreement are expected to be released at the Stadium Authority’s meeting on Monday (9/28).
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