Financing stalled on maintenance facility

Members of the Lakewood Ranch Inter-District Authority today learned they must first secure proper permitting from Manatee County before the bank will sign off on a financing package for a new maintenance facility.

"We were ready to close, but the bank is not willing to close until (we) get permitting approvals," IDA Attorney Scott Rudacille said.

Getting permitting approvals could take anywhere from a few weeks to a few months, Rudacille said. The best case scenario would be for permitting issues to be resolved within a few weeks. The IDA's engineers, he said, currently are responding to questions and comments raised by county staff during an initial review of the permitting application.

The IDA is planning to construct a roughly $3 million maintenance facility in Lakewood Ranch to provide for the community's longterm needs. The site that currently houses its operations staff has been sold, and remains under lease until the IDA can vacate the property.

Contact Pam Eubanks at [email protected].