Seneca OKs new property corporation

August 15, 2012

Seneca gave preliminary approval last night to create a new corporation to facilitate what happens with the city’s newly-acquired complex for the purpose of economic development. At the recommendation of administrator Greg Dietterick, the city council approved the formation of the Seneca Facilities Corporation: Dietterick said once Seneca can get it hands on the TD Bank loan, the city can get begin to make improvements to the Shiloh Road property to enhance its attractiveness to economic development. According to Mayor Dan Alexander, if the venture goes right Seneca may eventually write-off as much as 28% of the loan debt.

 

 

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