MORGANTOWN – The Monongalia County Commission on Wednesday approved a resolution authorizing participation in a master lease-sublease agreement in support of Trinity Christian School.
The agreement will allow the school to utilize tax-exempt financing to purchase nine new HVAC rooftop units for a total principal amount not to exceed $245,000.
Jeff Smell, owner of Country Roads Leasing, explained the arrangement during a Jan.14 work session.
“Since they are a nonprofit organization, they have the luxury or the ability to enter into tax-exempt financing. What that means is, instead of getting a commercial rate of 7% right now, they’re going to get a tax-exempt rate, and that will be a lower interest rate, creating lower interest costs for them over the term of the project,” Smell said, adding, “Even though they are tax-exempt, they’re not allowed to borrow tax-exempt funds, and so we have to use what’s called a conduit to be able to obtain that financing.”
The county commission will serve as that conduit, or pass-through, agency.
It was explained that outside of providing its FEIN, or Federal Employer Identification Number, the county will not be involved in or responsible for the project.
“Trinity Christian School would be the sub-lessee and the sub-lessee would be responsible for repayment of the note, keeping insurance on all the equipment, and there would be no liability to come back on the county,” Smell said.
Prior to passage of the resolution, the commission held a mandatory public hearing. There were no comments or correspondence on the matter.
In other news from Wednesday’s meeting, the commission approved a letter of support for the placement of an ophthalmology physician specializing in Uveitis.
According to a Jan. 23 correspondence from Administrator Rob Smith with the WVU Eye Institute, the commission’s letter will serve as immigration support for a J1 visa waiver.
“Your endorsement would greatly assist in ensuring that this physician can continue their career and contribute to our local healthcare system,” Smith wrote.
According to the Mayo Clinic, Uveitis is a form of eye inflammation that affects the middle layer of tissue in the eye, called the uvea. The condition, which can affect people of all ages, causes redness, pain, blurred vision and floaters.
Lastly, the commission approved a letter of intent to the U.S. Army Corps of Engineers committing up to $10,000 for the Morgantown Lock and Dam’s recreational lock schedule.
