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Danbury approves loan for Richter Park Authority

The Danbury City Council has approved a cash advance of up to $150,000 for the Richter Park Authority. The line of credit is meant to address their temporary cash flow needs during the off season. Danbury Finance Director David St Hilaire says the poor weather conditions shortened this past season and it negatively affected their reserve cash levels. Any amount borrowed during the fiscal year must  be repaid by the end of the same fiscal year.  Any outstanding balance on the line of credit will accrue interest at a 2.5 percent rate.  The City Council approved a $1.5 million refinancing loan for 15 years at a 2.5 percent interest rate in November 2015.  Another $600,000 was approved last year for the driving range project.  St Hilaire says the range, completed in April, is bringing in residual benefits for Richter Park operations.  The current loan balance is $1.7 million.  All payments have been made on time.

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Brian Kilmeade

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