July 4, 2022

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Black Knight debt retirement ceremony set for July 8 – Beckley Register-Herald

The metropolis of Beckley and Beckley-Raleigh County Chamber of Commerce will host a debt retirement.......

The metropolis of Beckley and Beckley-Raleigh County Chamber of Commerce will host a debt retirement ceremony for Historic Black Knight Municipal Park, celebrating the metropolis’s reimbursement of a $2.4 million bond to City Nationwide Financial institution in June.

The celebration Shall be at Historic Black Knight.

“That is nonetheless Inside the planning levels, However It is symbolic of An monumental accomplishment,” said metropolis treasurer Billie Trump on Thursday. “It symbolizes the saving of massively vital sums for the metropolis, going forward.”

Trump and metropolis controller Jessica Chandler handle the metropolis’s funds.

The metropolis had purchased The earlier private nation membership from Gov. Jim Justice for $3 million in 2018, paying $600,000 and taking out a $2.4 million private bond from City Nationwide, to be repaid in 30 years.

The metropolis repaid the debt in beneath 4 years, however, saving money on curiosity costs at 3.95 % till 2028, when The velocity would’ve been renegotiated.

Beckley Widespread Council had accredited The acquisition, with solely Ward I Councilman Tom Sopher in the direction of The acquisition in a 6-1 vote in 2018.

Ward IV Councilman Kevin Worth said Thursday that Mayor Rob Rappold’s administration has been forward-wanting, collectively with Inside the monetary realm of metropolis administration. The metropolis retired $615,969 in 2019 to Repay the remaining stability of a $2,117,396 bond that was taken out on the Beckley Intermodal Gateway enterprise in October 2012, Together with reimbursement of a $850,000 bond on The general Retailer at Beckley Exhibition Coal Mine in February 2019, which had been  scheduled for reimbursement in July 2022. The metropolis paid off the remaining $252,300 in 2019.

“The retirement of the bonds for The huge enterprise and the Exhibition Coal Mine Widespread Retailer saved hundreds,” famous Worth. “Similar goes for the Historic Black Knight.

“Whereas this not solely saves money, it additionally creates a extra constructive money circulate for completely different metropolis tasks or buying for needed gear.

“Had it not been for good monetary planning, the metropolis might not have weathered the pandemic as we did.

“This Is usually A great factor on many fronts.”

At-Large Councilwoman Sherrie Hunter additionally celebrated the cost of Historic Black Knight.

“By retiring debt early on Historic Black Knight Municipal Park, the metropolis is afforded The prospect To save tons of lots of of hundreds of dollars,” said Hunter. “This has occurred based mostly on the prudent method By which the residents’ taxpayers’ dollars are dealt with” by Trump and Chandler.

Meals, music, drink and door prizes Shall be provided By way of the celebration, which Shall be held Thursday, July 8, from 5 to 7 p.m.

Visitors should RSVP to the Chamber at 304-252-7328 or by e-mail at [email protected]