“This 30-year, 2.5 percent loan will enable the Bridge Authority to fund the swing bridge project with current toll structures for the foreseeable future,” said Interim Executive Director Kathy Banson-Verrico.
“This loan is a result of the hard work and dedication of the GIBA board as well as GIBA staff. We are excited to move forward with the swing bridge project.”
One particular board member was instrumental in the SIB loan process.
“Bill Holmberg was amazing,” Banson-Verrico said. “The amount of work he did is immeasurable.”
Board Chairman David Hayes was thrilled to finally have the signed document.
“I’m ecstatic,” he said. “It alleviated the worry and fret over trying to finance the bridge. We didn’t have to have a tax. It’s good for everybody. Especially for the residents, workers and visitors that come here throughout the year.”
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