AS SUNTRUST BANK REVERTS TO ORIGINAL INTEREST RATE ON CRA LOAN

March 19, 2019

At the March 30, 2019, Cedar Key Commission Meeting, Cedar Key Community Redevelopment Agency Chair Royce Nelson advised the commission and the public that, after years of attempting to renegotiate the initial CRA note and resultantly increase the interest rates the bank would receive and meeting stalwart refusal by commissions Heath Davis and Sue Colson, “the SunTrust Bank has decided to return the Interest Rate on the Note…back to the documented rate of 3.95% per annum from the previous interest rate of 4.80%....”

Worthy of note is that due to the mayor’s and voce-mayor’s leadership and perseverance, aided by the city attorney’s guidance, the city has saved thousands upon thousands upon thousands of dollars in additional  debt.