Spring City gets update on historic school renovation
SPRING CITY— During a recent meeting of Spring City council, discussion of the old school’s renovation and funding was the hot topic.
The meeting was held on Thursday, Sept. 1, and Spring City Mayor Jack Monnett told those in attendance that scaffolding was in place now at the old school and construction and renovation were under way.
Several organizing members of the Friends of Spring City were at the meeting and they informed the council about their recent efforts to inform the citizens of Spring City about how the old school’s renovation had been coming along.
A request was also made at the meeting to the council by John Potter, on behalf of the Friends of Spring City, to petition the Community Impact Board (CIB) to make some adjustments in the CIB loan agreement—in particular, the clause that required the Friends of Spring City to keep a loan reserve on hand as a guarantee of payment in the event payments on the loan were missed.
Potter explained that, since receiving the CIB funding, no payment had been missed, and often they were ahead of schedule.
The Friends of Spring City felt that, given their good payment history and all the work they have poured into the renovation, the money in the loan reserve should be freed up and allowed to be applied to the principal of the loan.
The council approved a resolution to petition the CIB for the change in the loan agreement.