Amend Port loan to accelerate $4.5 million in prepayments by June 2025
In Plain English
The Port of Richmond owes the city money from a 2013 loan agreement that currently runs until 2067. The city needs extra funds to cover budget shortfalls, including the Main Library renovation project. If approved, the Port pays $750,000 monthly from January through June 2025, shortening the overall loan by 15 years.
Auto-generated summary. Source: official agenda documents.
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