Jacksonville Borrows $1 Million for Courthouse Renovation
The city of Jacksonville will borrow $1 million to renovate the 1883 Jackson County Courthouse, turning it into a new city hall. The city council approved an ordinance last Tuesday authorizing the loan from Umpqua Bank with an interest rate of 3.04 percent.
In March the council approved the project but capped expenditures at $1 million.
The council, acting as the Jacksonville Urban Renewal Agency, authorized and intergovernmental agreement with the city to transfer incremental revenues to the city to fund the loan payments.
The initial floor plan calls for the city to use 75 percent of the lower floor space. The remainder would be available for lease. The second floor use is undetermined at this time but may be restored to its former open-space configuration.