Jeremy Tidwell, vice president of Metro, presented the bank’s offer to the city prior to the meeting, highlighting a $4,089-per-month repayment plan for 15 years; the interest rate is fixed at 3.25 percent for 10 years. Metro Bank was the third bank to present a contract to the city.
Mayor Wayne Willis has been emphasizing the need for a public improvements loan ever since he took office last year. A called meeting in November led to a back-and-forth between the council on how much the city can afford to borrow, with the number jumping as high as $1 million before settling on $580,000. The loan will pay for road improvement and public works equipment and will provide money to secure matching grants for a makeover of the city’s park.
Willis said although the council authorized him to enter into the loan agreement with Metro Bank, he said he’d bring the matter back to the council if any unforeseen problems about the contract came up.
“If I feel at all skittish, I’m going to come back to the council,” Willis said. “I don’t see any problems, but I’ll make sure to bring it back if I do.”
Willis said the selling point for Metro Bank’s proposal was a 10-year fixed interest rate of 3.25 percent. All of the other banks working with the city could only offer seven-years, the mayor said. Willis also said he thinks the city can persuade Metro to open up a branch in Weaver.
“When I talked to him about it he seemed interested,” Willis said about a prior meeting with Tidwell, who is a lifelong Weaver resident.
The council on Tuesday also tentatively approved a state liquor license for the restaurant Classic at Buckhorn. The approval is pending the state issuing the license. The council decided to pass the resolution Tuesday because it does not meet again in December and the restaurant hoped to be open in time for New Year’s Eve.
The council has called a meeting for Dec. 17 at 6 p.m. to discuss a business that wants to annex into the city. Willis said he did not want to name the business because he had not discussed the possible annexation with other cities in Calhoun County that might be affected by the move.
“I need to talk to the other entities before I go public with this,” Willis said.
The business is currently not within Weaver’s police jurisdiction, and it is not in the corporate limits of any other municipality, the mayor said.
Staff writer Brian Anderson: 256-235-3546. On Twitter @BAnderson_Star.