BERLIN – Roughly a year after first announcing plans to purchase the former Tyson property, Berlin leaders have officially entered the bond market.
On Monday, the council voted 4-0 to issue and sell bonds in the amount of $3 million to buy the more than 60-acre industrial property on Old Ocean City Boulevard. Settlement is expected to take place by the end of the month.
“We were very pleased to get four very competitive proposals,” Mayor Gee Williams said.
Town officials chose to work with the Bank of Ocean City after receiving proposals from it as well as Hebron Savings Bank, PNC and Shore Bank.
“The Bank of Ocean City gave us the best terms,” Town Administrator Laura Allen said.
She said the agreement with the Bank of Ocean City would allow the town to prepay before the 30-year term was up without penalties. It also provides for a 3.5-percent interest rate until 2030. At that time, Allen said the interest rate would be adjusted to the current Wall Street Journal rate plus 1 percent.