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Chelsea City Hall
Chelsea City Hall
The Chelsea City Council made quick work of a light agenda, approving a pair of minor financial actions and tabling discussion on two parcels of donated property during its regular council meeting on Tuesday.
First, the City Council unanimously approved a resolution authorizing the modification of terms on a $1.6 million line of credit with Renasant Bank. Chelsea Mayor Tony Picklesimer stated that the modification extends the current financial arrangement of the Foothills Business Park. He noted that the action is expected to put the city in a better financial situation should the Federal Reserve lower interest rates in the coming weeks as expected.
“We've had the Foothills Business Park infrastructure on a line of credit and that line of credit has expired, and so it's time for us to switch it to permanent financing," Picklesimer said.
"We applied for an extension for 60 days to leave it on the credit line for 60 more days to give an opportunity for the FED to cut the rate and for us to get a better rate on our long-term plans," Picklesimer said.
Located on Foothills Place near the Cottages at Chesser subdivision, The Foothills Business Park is an 11.76-acre project designed for technology and life sciences companies, developed in conjunction with the Economic Development Corporation of Shelby County, AL.
Next, the City Council unanimously approved a resolution to close several CDs and open new CDs with Renasant Bank to take advantage of favorable interest rates.
The City Council then tabled two resolutions to acknowledge and accept two pieces of property donated to the City of Chelsea. Picklesimer said that Chelsea city engineers will inspect the parcels to “make sure they’re clear,” and to give the city an opportunity to investigate any legal ramifications involved with accepting the property.
The next Chelsea City Council meeting is scheduled for Tuesday, Sept. 3, at 6 p.m. at Chelsea City Hall.
