As you are all aware, we owe Curt’s Construction $310,350.43) and the fact that Mayor Miller wished for Tommie Jones to secure $325,000 may not be a good idea. In the September 8th meeting Tommie Jones stated he received a First Federal Letter questioning our debt SERVICE AND OTHER LOANS the Town has. He is currently putting together all the paperwork for First Federal and hoping that we can get this paid to Curt’s construction soon.
By the way, I hope somebody has provided the paperwork to the FDOT so that the Town can be reimbursed and what I cannot understand is why, when Mayor Miller is so anxious to use LOFT funds for the Mill Street Project, she did not consider using part of the LOFT funds to pay Curt Construction instead of asking for the full loan amount plus $14,000 plus. What is she thinking? Or is she.
THIS WAS THE STORY ON CURT’S CONSTRUCTION:
We advised that at the August Meeting, Mayor Helen Miller Decided that we shouldn’t sell ourselves short. We should get more than $310,000 (Mind you the Contract for Curt’s Construction was $310,350.43) and said that Tommie should ask for $325,000.
Well since the $310,350.43 is 100% paid by FDOT, that could be construed equity but $325,000, we know the Town can’t pay the balance of $14,649.57, which may or may not be the amount owed Mittauer.
Now since a Line of Credit is something which remains but one actually has to borrow money but no more than the Line, the Bank will find out that we will be reimbursed $310,350.43 by FDOT within so many days 30-45, perhaps. But what if First Federal decides because of White Springs Financials to not entertain this loan? Did Tommie Jones check with other sources? Why wasn’t this started in January or February? We knew what we would have to pay and we had a contract with the State of Florida. Why didn’t we approach not only First Federal but the Federal Government Agency providing loans to municipalities and other banks? The Council members were aware. What do we do if we can’t pay Curt’s Construction? We, the Town are in violation, and from what we hear, it will take three weeks for First Federal to make a determination of whether they are willing and able to do this. I believe one week has passed. But in no way will the Town get the additional $14,649.57 from First Federal unless they get some additional guarantee.