D. R. Reynolds Senior Project Developer Bob Rawson discusses the Guaranteed Maximum Price of the public safety facility project Monday with council members.
MICA BANKS / THE PAPERThe Valdese Town Council met tonight, the most consequential decision being whether to move forward with the Guaranteed Maximum Price amendment and financing contract to build a new joint police/fire facility for the town.
Both measures passed 4-1. Heather Ward dissented both times.Â
The majority of the 35-minute discussion centered on the financing contract. In the end, Valdese officials approved the proposed financing contract to fund the $10.83 million public safety facility project as presented by First Tryon Advisors. The town will borrow $10.8 million from Webster Bank in a 15-year loan at a 4.27% interest rate.
One key hurdle still must be cleared: Town officials go before the Local Government Commission (LGC) on Tuesday, Aug. 4, for final loan approval.
The public safety facility project has been in the works since 2018, when a structural engineer completed a study of the building at 121 Faet St. SW. In 2024, the police and fire departments were promptly relocated when part of the building was condemned.
Last year, the town council had several options to renovate existing buildings or construct a new one. D. R. Reynolds conducted a study and determined the only feasible option was building a new police and fire station on 200 Massel Ave. SW.
Read the full story in the Saturday, Aug. 8, edition of The Paper.
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