Request for Financing - Recreation Center Renovation & Outdoor Facilities

The Town of Morehead City is requesting proposals from financial institutions for a commercial loan to fund the renovation of the Recreation Center and outdoor facilities. The loan amount is estimated to be $8,225,000, and the City is seeking a 15-year amortization period with a fixed interest rate. The loan proceeds will be used to fund construction-related costs, professional fees, land improvements, and other costs associated with the project. The City reserves the right to reject all proposals and to negotiate provisions and covenants directly with any bidder. • The loan amount is estimated to be $8,225,000. • The City is seeking a 15-year amortization period with a fixed interest rate. • The loan proceeds will be used to fund construction-related costs, professional fees, land improvements, and other costs associated with the project. • The City reserves the right to reject all proposals and to negotiate provisions and covenants directly with any bidder. • The City will consider proposals with multiple redemption options. • The City desires prepayment of principal at any time without penalty or flexibility with respect to prepayment provisions.