BOCC, Port Authority agree on additional loan

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

Shoaf, Stuart’s son, could not vote on the proposal.

Of particular concern are attorney’s fees.

The Port Authority owes the Tallahassee law firm that has long represented their interests in the Capital City Bank loan and foreclosures.

At some point, Gibson said, the Port Authority would have to call on the firm again to assist with a study to determine tariffs levied at the port and also to defend any lawsuit from Capital City contending the bank is owed more than the value it will realize from the bulkhead property.

 “The county is making us a business loan,” Jason continued. “When we don’t perform, they come here and ask us to perform.

“This (private line of credit) will help us pay our debts, meet our obligations and ensures money for expenses to the finish line. And we don’t have to spend any more time lobbying where we can get money for next month. It’s distracting and it’s not necessary.”

Port Authority chair Leonard Costin agreed, making the motion to accept the private line of credit.

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