City of Mulberry City Commission Agenda March 2026
City Eyes $13 Million Loan from Citizens Bank & Trust
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Description
Citizens Bank & Trust has offered the City of Mulberry up to $13 million in financing for Phase 1 of its new municipal complex, to be repaid over 10 years at a 4% tax-exempt interest rate. The proposal includes standard loan covenants and a $25,000 origination fee, and will require City Commission approval in April 2026.
Contract Details
Contract Amount
$13,000,000 (not to exceed), 4.00% tax-exempt interest rate, $25,000 origination fee
Vendor
CITIZENS BANK & TRUST
Agency
City of Mulberry, FL
Contract Type
FINANCIAL_SERVICES
Document Date
March 16, 2026
Contract Term
10-year term, 25-year amortization, annual principal and interest payments
Renewal Date
2036-04-01
Renewal Info
If approved and executed, the loan would run for 10 years with annual payments; any refinancing or renewal would be subject to future Commission action.
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