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LCDA affirms debt restructuring

POSTED: June 16, 2011 7:00 a.m.

The Liberty County Development Authority affirmed restructuring the majority of its debt with SunTrust Bank on Tuesday morning in a special meeting.

The board’s attorney, Kelly Davis, called Tuesday’s vote “a housekeeping matter” since details had been worked out in meetings last month.

The agreement is a complicated, nearly 100-page document that spells out how nearly $25 million the authority has borrowed in bonds from the bank will be paid back. The money funded work on Tradeport East and Tradeport West business parks and a sewage plant in Tradeport East.

The authority also holds nearly $8 million in bonds from SunTrust that was used for work on the Hugo Boss distribution center in the Midway Industrial Park.

Tuesday’s vote was unanimous among authority members at the meeting. Paul Krebs and state Rep. Al Williams were not at the meeting. Both had signed a supporting resolution when it was approved May 23.

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