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City set to borrow up to $2M for Park
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McMinnville officials are moving forward with their second attempt to obtain funding to renovate Park Theatre. A resolution was passed Tuesday night to borrow up to $2 million. The measure was passed unanimously by Mayor Jimmy Haley, Vice Mayor Ben Newman and Aldermen Mike Neal, Ken Smith, Jimmy Bonner, Rick Barnes and Billy Wood.Last month, the city received word from Tennessee Municipal Bond Fund that its first attempt at funding would be rejected by the state due to the city’s intent to allow Park Theatre Group to manage the facility once complete.Tennessee Municipal Bond Fund, an entity of the Tennessee Municipal League, works closely with city officials to structure cost-effective and flexible borrowing plans.