COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Stony Point VFD Loan Agreement

 

SUBJECT/PROPOSAL/REQUEST:

Approval for the County Executive to sign agreement to loan Stony Pont VFD funds for building improvement

 

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, Trank, Eggleston and Shadman

 

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

May 2, 2007

 

ACTION:                               INFORMATION:   

 

CONSENT AGENDA:

       ACTION:   X                    INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

On April 5, 2006, the Board approved a plan to appropriate funding from the FY06/07 CIP fund balance for a $215,750 no-interest loan to the Stony Point VFD for various building renovation projects needed to maintain or ensure services. The loan was in addition to a County grant to Stony Point VFD for $239,736 to repair/replace the fire departments roof, parking lot, and HVAC system. Staff recommended that the loan be paid back over 12 years through an annual payment of $17,980 per year.

 

On June 7, 2006, the Board adopted a resolution appropriating the funds.  Prior to transferring the loan funds, a Service Agreement is necessary to define the terms and conditions of the loan.

 

 

STRATEGIC PLAN:

Enhance the Quality of Life for all Albemarle County Residents. 

 

 

DISCUSSION:

General Services is in the process of implementing the projects associated with the grant funding and planning work has been completed on the projects associated with the no-interest loan. However, before the work can proceed on the projects associated with the loan, a service agreement is necessary to define the terms and conditions of the loan.

 

Staff prepared the attached Service Agreement which was shared with Stony Point VFDs chief and administration staff. The agreement defines the basic terms of the loan: $215,750 no-interest loan, paid back over 12 years through an annual payment of $17,980 per year. The Agreement was reviewed and signed by Stony Point VFDs chief.

 

 

BUDGET IMPACT:

No additional budget impact.

 

 

RECOMMENDATIONS:

Staff recommends that the Board authorize the County Executive to sign the loan agreement on behalf of the County.

 

 

ATTACHMENTS

A Agreement between County of Albemarle, Virginia and Stony Point Volunteer Fire Company, Inc.

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