Town of Venice Board Meeting Minutes March 12, 2026
Town Approves $3M Bridge Loan With CLNB
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Description
The Town of Venice Board approved entering into a bridge loan agreement with Cayuga Lake National Bank for up to $3 million over three years to finance Myers Road Bridge replacement costs pending state reimbursement. The loan will carry an interest rate of Prime minus 0.86% capped at 6.89% and be secured by the anticipated NYS grant.
Contract Details
Contract Amount
Up to $3,000,000
Vendor
CAYUGA LAKE NATIONAL BANK
Agency
Town of Venice, NY
Contract Type
FINANCIAL_SERVICES
Document Date
March 12, 2026
Contract Term
3 years
Renewal Info
Single 3-year loan term; no renewal options described.
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