Butler City Council is considering a request from the Parks, Recreation Grounds, and Facilities Authority to co-sign a loan that would allow revenue generating improvements at Historic Pullman Park.
At Thursday night’s Council meeting, authority member John Morgan presented the authority’s plan which includes a loan in the amount of $400,000 from NexTier Bank. The term of the loan would be 15 years and it would increase the authority’s monthly debt payment by nearly $60 compared to what they are already paying.
The Authority plans to use the money to pay off their existing mortgage at a rate similar to the one they currently have as well as have new turf installed, a new HVAC system put in place, roof repairs made, and possibly meet other needs if there is money left.
If secured, this loan would generate an estimated annual revenue increase of about $55,000. Mayor Bob Dandoy anticipates a meeting with City, authority, and NexTier officials before a vote takes place, possibly as soon as the next Council meeting September 25th.
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