Installment Financing Proposals for Recreation Center Renovation & Outdoor Facilities $8, 225, 000 Loan

Background
Morehead City, North Carolina is seeking proposals from financial institutions for a commercial loan to fund the renovation of the Recreation Center and related outdoor facilities. The goal of this contract is to secure an $8,225,000 Installment Financing Agreement to support construction and associated costs.

Work Details
The proceeds from the loan will be utilized for:

(1) construction related to the Recreation Center Renovation including outdoor facilities and fields;
(2) professional fees;
(3) land improvements such as parking and landscaping;
(4) acquisition of furniture and equipment;
(5) other costs consistent with the stated use.

The loan will be tax-exempt and bank qualified, with a straight-line amortization over a period of fifteen, seventeen, or twenty years. Bidders may propose either annual or semi-annual principal payment structures with payment in arrears at a fixed rate for the entire term. The City desires optional prepayment of principal at any time without penalty.

Period of Performance
The closing of the Agreement is anticipated on or about May 19, 2026, with proposals due by March 26, 2026.

Place of Performance
The contract will be performed in Morehead City, North Carolina, specifically at the Recreation Center located at 1600 Bridges St.

Bidder Requirements
Bidders must acknowledge that no official statement or other offering material will be provided beyond this Request for Financing. They must have knowledge and experience in financial matters capable of evaluating the risks associated with making the loan. No CUSIP number will be obtained for the Agreement, and bidders must intend to enter into the Agreement solely for their own account.