The Mechanicville Gym is one step closer toward its $1.7 million renovation project.
The Terrebonne Recreation District 11 Board approved a resolution Thursday to accept a bid from Synergy Bank for a $2.5 million bond to complete the project.
“I’m ready to get this started,” Board Chairman Vincent Fusilier said.
Synergy Bank was the lowest qualified bidder, submitting a bid for the loan with a 2.85 percent interest rate. Under the agreement, the district will pay back a total of $2.8 million over eight years, or an estimated $350,000 a year.
With the acceptance of the bid, the money should be available for the board to spend by July 17, representatives of Raymond James financial advisors said.
The district will also have to spend all of the money within three years.
If there is any money left from the gym project, it can be spent on other projects, as long as they fall under the same taxing guidelines. One project is the city’s Airbase Park.
Interim Recreation Director Chris Pulaski presented the bid-winning plans to the board Thursday, as well as plans for all of Houma’s parks.
With the money soon available, project architect Merlin Lirette said construction bids could be accepted as early as August.
His firm is completing plans for the project and expects to present them to the board for final approval in July, Lirette said.
Construction is estimated to take between nine and 12 months to complete.
Staff Writer Julia Arenstam can be reached at 448-7636 or firstname.lastname@example.org. Follow her on Twitter at @gingerale214.