GATESVILLE — Coryell County commissioners on Monday voted to borrow $759,000 to purchase the Extraco Banks building here for office space.
The seven-year loan from Texas First State Bank will be made at a rate of about 1.87 percent — or 57.5 percent of prime through the county’s loan-financing agreement with the lender.
The first payment on the loan will come next year, County Auditor Ben Roberts said, and will be included in the 2014 fiscal year budget.
Earlier this month, the county agreed to buy the Extraco building, use 11,117 square feet for county offices and lease the remaining 4,430 square feet back to Extraco, which will continue its banking operations.
The county will close on the Extraco purchase in June, Commissioner Daren Moore said.