County accepts Concordia Bank loan for land
Published 12:00 am Saturday, February 19, 2005
NATCHEZ &045;&045; Pending a few formalities, Adams County will accept a 3 percent interest rate on a loan quote from Concordia Bank to purchase a bulk loading facility on the port.
The loan will be used to for the $660,000 purchase of 6.84 acres and the facility from Riverside Central Services.
The Board of Supervisors reviewed verbal bank quotes Thursday morning collected by County Administrator Charlie Brown. Concordia Bank quoted the lowest interest rate, and the board accepted it, pending written quotes from all the banks are the same as the verbal ones.
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The 3 percent rate is for the first five years, after that it will increase to 4.25 percent.
The Mississippi Development Authority offers a 3 percent loan for 10 years.
Several supervisors felt the local bank’s rate was a better decision because the county won’t have to wait on word from MDA, and the board plans to pay off the cost of the property within five years.
Vidalia company Almatis uses the bulk loading facility and has a five-year contract with the port. Supervisor S.E. &uot;Spanky&uot; Felter said the money brought into the county through the port will pay off the purchase.
Other verbal bank quotes included:
45.75-6 percent for five years from Britton and Koontz.
45.25 percent for five years from United Mississippi Bank
4AmSouth did not quote a rate
Approval of the 3 percent rate passed the board with a 3-2 vote. Supervisors Darryl Grennell and Henry Watts voted no.
Both Grennell and Watts voted against the purchase of the land in December, saying the cost was too high.