Town of Carlton Landing Economic Development Trust Agenda Packet 2026-05-16
Firstar Bank to purchase $6M subordinate TIF note
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Description
The Carlton Landing Economic Development Trust approved Resolution 2026-05-01-T issuing a Subordinate Lien Tax Increment Revenue Note, Taxable Series 2026, of up to $6 million to Firstar Bank on a negotiated sale at a variable rate currently 6.5 percent, maturing June 1, 2032. Proceeds will finance Nature Center facilities and related project costs with repayment from subordinate TIF revenues.
Contract Details
Contract Amount
Not to exceed $6,000,000.00
Vendor
FIRSTAR BANK
Agency
Town of Carlton Landing, OK
Contract Type
FINANCIAL_SERVICES
Document Date
May 16, 2026
Contract Term
Note dated May 2026, maturing no later than June 1, 2032
Renewal Date
2032-06-01
Renewal Info
Note is structured as a draw-down, non-revolving line of credit with advances allowed through June 1, 2027 and final maturity on June 1, 2032; optional redemption at par on any date with at least three days’ notice.
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