Conshohocken Borough Council borrows $10.8M for new borough hall
“Conshohocken Borough Council approved borrowing $10,781,000 from two banks Sept. 17 to pay for the construction of the new Conshohocken Borough Hall, police station and retail space in the former Verizon building at West Fourth Avenue and Fayette Street.
Christopher Gibbons, a principal of Concord Public Finance, described the three 25-year bank loans, which will have fixed rates for seven years and variable rates for the balance of the loans.
Fulton Bank will lend $6,781,100 in tax-exempt funds at 2.86 percent interest for seven years and at a variable rate, from 3.5 percent to a maximum rate of 6 percent, for the remaining 18 years.
Phoenixville Federal Bank & Trust will lend $2,630,700 at 1.99 percent interest for seven years and at a variable rate, from 3.84 percent to a maximum rate of 4.75 percent, for the remaining 18 years.
Phoenixville Federal Bank & Trust will also lend $1,369,300 in taxable funds at 2.75 percent interest for seven years and at a variable rate, from 4.34 percent to a maximum rate of 5.99 percent, for the 18-year balance.”
Rotenberg, Carl. Montgomery News 27 September 2014.