BOCC, Port Authority agree on additional loan

Published: Thursday, July 31, 2014 at 09:53 AM.

That loan was originally secured by putting the BOCC in second position on the port bulkhead property.

Novak said the loan requires the county’s interest be secured – Gibson said the Arizona Chemical had enough appraised value to secure the BOCC and the private lender and the second position was sufficient to secure the CDBG loan.

Novak noted the BOCC’s ongoing support of the port, that in making the $60,000 additional loan the county would extend the required first payment another three years and as well as “a spirit of cooperation.”

There was expression by among county commissioners that in light of the $199,000 loan, they should have been approached first about additional financing through a loan or similar package.

“We have an obligation to the county,” said Port Authority board member Johanna White. “They are our partners. We need to continue that partnership.”

The allure of the private line of credit, at least for some Port Authority members, was its aim to bring the Port Authority completely out of debt – including meeting its annual obligations on the CDBG loan – while allowing breathing room to concentrate on becoming an operational port.

“We owe people a lot of money,” said Jason Shoaf, a member of the Port Authority board, noting the Authority has immediate need for roughly $80,000.

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