SIREPA Board of Directors Meeting Agenda December 2025
Connection Bank Extends Interest-Only Building Loan
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Description
Connection Bank continues to finance SIREPA’s 280th Street building through an interest-only loan, now extended for another 12 months in 2025–2026 at 1.85% interest. The current loan balance is about $1,001,534 with monthly interest payments of roughly $1,544.
Contract Details
Vendor
CONNECTION BANK
Agency
Southeast Iowa Regional Economic And Port Authority, IA
Contract Type
FINANCIAL_SERVICES
Document Date
December 11, 2025
Contract Term
Interest-only 12-month loan extension 2025–2026 at 1.85%
Renewal Date
2026-12-31
Renewal Info
Initial interest-only term from 2021–2024 followed by a 2024–2025 extension and another 2025–2026 interest-only extension at 1.85%; future options include principal pay-down and possible conversion to a 20-year 3.70% principal-and-interest loan as analyzed in the memo.
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APPROVEDIssuing Agency
Southeast Iowa Regional Economic And Port Authority
Special District
West Burlington, IA
More from Southeast Iowa Regional Economic And Port Authority
SIREPA Board of Directors Meeting Agenda December 2025
SIREPA Board of Directors Meeting Agenda December 2025
SIREPA Board of Directors Meeting Agenda December 2025
SIREPA Board of Directors Meeting Agenda December 2025
SIREPA Board of Directors Meeting Agenda December 2025
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