For the second month in a row, authority board members had no loan applications to consider at their regular monthly meeting, held Thursday morning at the authority's headquarters in the
"We went from a busy September, October and November to no activity the last few months," said
In September and October, the authority's board approved three loan applications at each monthly meeting. One included the
In November, the board approved a
However, the loan well has run dry in recent months.
Warner said staff members have several potential applications in the works with private companies, but none that have come to fruition yet.
He said he believed the slow down was due more to seasonal factors than anything else. He did not think the recent
"I'm not aware of any impact the water situation would have had on our loan activity," Warner said. "I think it's truly more seasonal."
He said he expects loan activity to pick back up in the coming months.
"When the weather gets better people will then start focusing more on adding the buildings, buying more equipment and doing their construction projects," Warner said.
The board did approve the sale of a 15 to 20-acre tract of land in the
The company announced last March it would spend
The authority plans to sell the land to the company at a price of not less than
Warner said the authority must first to hire a surveyor in order to determine the exact acreage of the tract. He said that survey would be done once the snow thaws in the area.
In a separate action, the board approved a resolution modifying bond covenants for the
The park's development company,
The resolution also alters the fee structure underlying the bonds to allow MHLP and subcontractor
Company representatives said in December the initial fee structure set when the bonds were sold back in the 1990s was overly optimistic regarding the golf resort's projected revenues, which factor in to those payments.
As a result, the companies had not been receiving the money it had anticipated under the agreement.
MHLP had also asked the authority to approve an extension of its management agreement, which expires later this year, but the board did not approve that request. Warner said that management agreement would be revisited later this year.
It will be up to Gov.
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