Council OKs property deal

The Providence Village Town Council passed a loan agreement for up to $1.7 million between the town’s Economic Development Corporation and PlainsCapital Bank at the June 16 meeting.

Earlier that day, the Economic Development Corporation met and approved the loan agreement for the project and its purchase of real property intended to encourage business growth in the town.

“Our financial advisers prepared a term sheet and distributed it to 13 different banks that do this type of government financing,” Town Manager Brian Roberson said. “We had three banks that showed interest: PlainsCapital, Texas Regional and Amegy.”