FINANCIAL_SERVICESPENDING

Town of Lake Placid Council Meeting Agenda January 12 2026

Town Pursues Renewal of $4 Million Seacoast Loan

$4,000,000 and interest (line of credit/loan)Town of Lake PlacidSEACOAST NATIONAL BANKJanuary 12, 2026

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Description

Lake Placid is working with Seacoast National Bank to renew a $4,000,000 wastewater project loan originally converted from prior lines of credit and recently matured on December 30, 2025. Seacoast has granted a temporary extension to March 30, 2026 while the Town seeks formal approval to renew the loan under similar terms for at least one year.

Contract Details

Contract Amount

$4,000,000 and interest (line of credit/loan)

Vendor

SEACOAST NATIONAL BANK

Agency

Town of Lake Placid, FL

Contract Type

FINANCIAL_SERVICES

Document Date

January 12, 2026

Contract Term

Existing loan matured December 30, 2025; renewal requested through March 30, 2026 temporary extension, with new term of one year (two if possible)

Renewal Date

2026-03-30

Renewal Info

Existing Seacoast National Bank wastewater loan matured December 30, 2025; courtesy extension granted to March 30, 2026 pending formal renewal. Proposed renewal would keep the same terms as the original lines of credit for one year, with a request for a two-year option, secured by grant proceeds from the Department of Environmental Protection.