The Pulaski County Commissioners will be reviewing terms of a low-interest loan to Willow Creek Villas, LLC for local match support for a proposed housing project.
The commissioners previously discussed a proposed $350,000 low-interest loan to Willow Creek Villas, LLC out of the LIT Economic Development Fund for local match support for the project. The Pulaski County Council approved the advertisement of a $350,000 additional appropriation for the LIT Economic Development Fund for this purpose. The loan would have a repayment schedule of 15 years at 2 percent interest.
The additional appropriation will be considered by the Pulaski County Council in August.
The commissioners met in special session July 19 where they learned that the term of the repayment will need to be adjusted due to circumstances surrounding construction and anticipated occupancy. The paperwork is anticipated to reflect a 20-year repayment schedule with the same interest.
Pulaski County Attorney Kevin Tankersley will be bringing forward documents for the commissioners to consider at a future meeting.
The project proposes to build 11 units with an income threshold at 30 percent of the area median income with rent at $447 plus utilities. Six units would be built with an income threshold of 50 percent of the area median income with rent at $812 plus utilities, and 17 units would be built with an income threshold of 60 percent of the area median income with rent at $994 plus utilities.
