Commissioners drop loan proposal, call off public hearing on mal - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

Commissioners drop loan proposal, call off public hearing on mall purchase

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ROWAN COUNTY, NC (WBTV) -

In what came as a surprise to many, Rowan County Commissioners voted on Monday afternoon to withdraw a loan proposal it had planned to submit to the Local Government Commission for financing of the old Salisbury Mall, known now as the West End Plaza.

With that move, the commission also called off a public hearing that had been arranged to discuss the financing proposal.

Commissioner Craig Pierce made the motion to withdraw the application.  THe Pierce motion called for submitting a new loan application at a later date.

This comes after the LGC had informed the county manager last week that it would delay consideration of any such loan proposal. Commissioners were counting on the nearly $3.95 million loan to reimburse the county for the mall purchase.

The loan would have been repaid over ten years with interest in the amount of more than $600,000.

To view the Monday meeting click here.

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