The City Commission on Oct. 23 approved Resolution 25-75, authorizing a promissory note documenting interfund financing from the city’s general fund to the Eustis Downtown and East Town Redevelopment Agency (CRA) to cover the remaining balance on the CRA’s loan for three downtown parcels collectively referred to as the Waterman site.

Staff told the commission the CRA had two options for financing the remaining balance discussed at an Aug. 7 workshop: obtain external financing or use internal financing. The commission directed staff to proceed with internal financing at the same interest rate as the recently retired loan. The adopted resolution formalizes the loan terms, payment schedule and amortization previously reviewed with the CRA board and is intended to provide the CRA increased flexibility in managing the downtown property.

The measure passed on a roll-call vote and the resolution authorizes city staff to execute the promissory note and proceed with the internal loan arrangement. Staff said the internal financing would make it easier for the city and CRA to market or otherwise transact the property without the constraints of external debt covenants.

No public comment was offered on the resolution at the meeting. The resolution was moved, seconded and approved unanimously.