BY DANI TIETZ
dani@mahometnews.com
Mahomet, Ill. – The Village of Mahomet Board of Trustees approved a 5-year, $400,000 loan from Busey Bank at a special board meeting on July 16, 2019.
The funds will be used for the purchase of the properties currently known as 511 E. Main St., 107 S. Jefferson St., 507 E. Main St., 201 S. Jefferson St. and 301 S. Jefferson St.
Current designs for the land include a gazebo with sidewalks. Funding for the development of the property has not been discussed to date.
The loan can be repaid in full without penalty prior to the 60-month term. The Village was able to get the loan at a 1.88-percent APR financing rate.
