Local Government
Town secures loan to finance Police Headquarters with United Bank
Front Royal’s Mayor, Chris W. Holloway, announces he is extremely pleased that the Town has closed on a loan with United Bank to refinance the Town’s new Police Headquarters.
“It is quite exciting news for the taxpayers or Front Royal and Warren County,” Mayor Holloway said. The Town is able to partner with United Bank to borrow over $8.4 million at 1.87% interest over 10 years. By doing this the Town is able to refinance the existing Warren County Economic Development Authority’s construction loan on the Police Headquarters loan which was 3.0% interest over 9 years, of which the first two years being interest-only payments.
Mayor Holloway noted, “The Town cannot be more pleased with the cooperation of United Bank during this whole process.”
Mayor Holloway thanked Town Manager Steven Hicks for his help in getting to this point and especially thanked former Interim Town Manager Matt Tederick and Town Attorney Doug Napier, who made this happen.
Mayor Holloway praised Town Council most of all, saying, “The Town has a Council that is forward-thinking, works together as a team, makes the hard decisions, is determined to make this Town the best it can be, and all the while protect our taxpayers’ hard-earned money.”
If any member of the public has any further questions, please contact Todd C. Jones, Town Public Information Officer.
(Press release from the Town of Front Royal)
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