Avon

Avon

Hall

to

Town

By Gerald Ochs ?

Rappahannock News Writer

After surprisingly little public cojn:' I ment, the Washington Tbwn Council! voted unanimously both to give Mayor) Stew Willis and Vice Mayor Steve* Critzer the authority to seek interim! financing of “up to $600,000” for the' Avon Hall property and, separately, fof ; the purchase itself of the property. '

On the financing issue, Mayor; - Willis said that the trustees of the- ! Carrigan Estate, who control Avon! Hall, have expressed a willingness to; provide short-term financing (up to twoyears) to enable the Tbwn to execute its! $1 million purchase option on the prop-; erty. He said that they would lend someof the money at an interest rate of seven percent, and later noted that the; ! Town had $500,000 in its capital fundfor the purchase and that the loan! sought would provide the balance; required.

Mayor Willis also referred to a loan offer by the Rappahannock National Bank at a rate of 4.15 percent, but he said that the bank loan “started with a" deed of trust but now they need a bond,” and he indicated that the closing costs would likely make that transaction more costly than the Carrigan . Estate trustees’ short-term loan.

Town Attorney John Bennett explained that the Tbwn is pursuing long-term financing with the Rural Development Administration (RDA), and that any loan negotiated by the Mayor and Vice Mayor would provide the time necessary to complete the engineering and acquire the necessary ; permits (for a Tbwn wastewater treatment system), and to obtain RDA’s approvals and financing on the overall system and property.

It is also possible that the Avon Hall purchase will be supported by the County. At the last Board of Supervisors meeting, County

See COUNCIL, Page A7 ;