TIF District Loan Proposals at Neillsville City Council Meeting
Friday, September 16th, 2016 -- 9:24 AM
-The Neillsville City Council held a Finance Committee Meeting before their regular meeting on Tuesday.During this meeting, they heard bids for their TIF District Loan Proposals. The city is refinancing their loans for TIF District 2 and 3. They received bids from three different banks for both districts. The loan for District 2 is for $245,000. They received bids from Associated Bank which offered a rate of 2.32% for 5 years; Citizens State Bank for 3.4% for 10 years or 2.5% for 5 years; and Unity Bank for 3.23% at 5 years, 3.7% at 7 years and 4.5% at 10 years. The council approved Associated Bank’s bid for TIF District 2.
The loan for TIF District 3 is $848,000 with 10 years remaining on the district. Associated Bank offered a bid of 2.5% for 10 years; Citizens State Bank offered a rate of 3.04% for 10 years; and Unity Bank offered a rate of 3.23% for 5 years, 3.7% for 7 years and 4.5% for 10 years. Again, the council selected Associated Bank. These items were moved forward to the regular Common Council Meeting and approved as well.
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