City of Lowell Budget Committee Agenda and Proposed Budget FY 2026-27 2026-05-20
City Hall Improvement Loan to Be Paid Down With Sale Proceeds
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Description
Lowell carries a Business Oregon loan for new City Hall and library improvements, with about $205,883 in principal outstanding at 2.17% interest. The FY 2026-27 budget both services the debt and plans to apply $250,000 in sale proceeds from the former City Hall to reduce the loan balance.
Contract Details
Contract Amount
$230,224 (original principal); outstanding principal $205,883 as of June 30, 2026
Vendor
BUSINESS OREGON
Agency
City of Lowell, OR
Contract Type
FINANCIAL_SERVICES
Document Date
May 20, 2026
Contract Term
Issue date not stated; matures 12/01/2047
Renewal Date
2047-12-01
Renewal Info
No renewal terms described; this is a long-term loan maturing December 1, 2047. The City plans an extraordinary principal paydown using property sale proceeds.
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