The Taylor Town Council approved Resolution 2015-03 last week, ordering the prepayment of the town’s 2005 Greater Arizona Development Authority (GADA) loan. The remainder of the loan will be paid off by Northland Pioneer College as it takes over the Northern Arizona Training Center.
In 2005, the town issued a bond of approximately $500,000 to help with funding for construction of the burn tower at the training center. “Debt was only secured by the town’s general excise taxes,” noted Town Manager Gus Lundberg.
He explained that the GADA loan was a low interest one.
Over the past 10 years the town paid on the loan, but was reimbursed by partners in the training center. “The bond offers pay off after 10 years,” said Lundberg.
The training center board approached the Navajo County Community College District Governing Board to ask that NPC pay off the loan, thus saving future interest payments. The college board approved paying off the loan, providing a savings of more than $200,000.
In other action May 7, the council heard the first reading of Ordinance 2015-01, a text amendment to the town code, which defines and designates the dates, times and location for regular town council meetings. Effective Aug. 1, the meetings will be held on the first Thursday of each month.
Notice was previously given that the town council meetings on Wednesdays, May 6, June 3 and July 1, were rescheduled to Thursdays, May 7, June 4 and July 2.
The council recommended approval of a liquor license renewal for Western Refining Retail/Giant Store No. 224.
Building Official/Zoning Administrator Allen Davis said that he had posted the request as required by law, and had not received any complaints. He explained that this is a renewal with name updates for the Giant gas station.
The council went into executive session to discuss consideration of the purchase of property at 100 W. Cattle Lane, but took no action upon returning to regular session.
