Front Royal Mayor updates EDA, Board approves banking extension

EDA Board of Directors Meeting, December 27, 2019

The EDA Board of Directors met in a special session Friday morning, December 27, and welcomed Front Royal Mayor Gene Tewalt, who discussed several matters of common concern, chief among them the Afton Inn and the Front Royal Police Department. The board also took action on an important banking agreement with First Bank & Trust.

Mayor Tewalt and the board engaged in a helpful dialog about the need to come to a consensus on the future of the Afton Inn. Options discussed included the Town buying the building back, proceeding ahead with renovations, or removing the building. As part of their commitment to the project, the EDA voted to approve an engineering study to determine what it will take to weatherize the building and ensure its structural integrity.

The Mayor also expressed a desire to facilitate communication between the EDA and the Town Council to find a compromise on the Front Royal Police Department. He stated that the Town would like to move ahead on securing their own permanent financing in February when the bond market opens again. While the principal amount on the construction loan is not in dispute, the EDA Directors pressed the Mayor to work with the Town Council to come to an agreement about the amount of money the EDA has paid in interest on the loan.

Front Royal Mayor Eugene Tewalt give report to EDA Board of Directors at the December 27, 2019 meeting.

At the conclusion of his remarks, several Directors commented that the Mayor’s attendance was very much appreciated. They hope this conciliatory gesture will usher in an improved working relationship between the EDA and the Town Council for the New Year.

In other news, the EDA approved an important agreement with First Bank & Trust to extend the terms of a current Line Of Credit at a lower interest rate. “This agreement is great news for the EDA and the taxpayers. The reduced rate will save over $67,000 per year in interest payments,” Executive Director Doug Parsons noted. This agreement is another positive step as the EDA continues to move forward with its core mission to promote economic development in Front Royal and Warren County.

The next EDA regular board meeting will be Friday, January 24, 2020.

Tewalt approaches EDA about fate of Afton Inn and compromise on FRPD interest dispute