Laurens City Council Meeting – June 18

June 12, 2024

The  June meeting of Laurens City Council will be held at the Municipal Center, located at 250 West Laurens Street, Laurens, on Tuesday, June 18, 2024, at 5:30 pm.

Under New Business, there is a motion related to the approval of documentation concerning the Octagon House (101 Woodrow Street). To the best of our knowledge and research, in 1997, the South Carolina State Housing Finance and Development Authority (SCSHFDA) issued a loan for the purchase of the property. The mortgage for the loan was held by and to be repaid to the City of Laurens. The obligation has a very long lead time, with no payments required for the first 30 years. Any payments beginning in 2027 are only payable from Net Cash Flow, which is assumed not to be positive, and thus no obligation or payment is due. There is a balloon payment for the entire balance due in 2067, but this can be extended upon request, whereupon the principal payments will be broken into monthly installments over 20 years ($991.66 per month), resulting in a final payoff in 2087. SCSHFDA has already approved the assumption of its superior lien positions. This action is necessary because the property is being sold to a new buyer by the current owner.

The meeting is open to the public and the full agenda is below.