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HUNTINGTON, W.Va. (AP) - More than $8 million of a $12 million bridge loan for a Cabela's store must be repaid to the state's Housing Development Fund within nine months.
At a meeting in Huntington, the state Council for Community and Economic Development set terms Monday for the reimbursement of the loan to the Ohio County Development Authority to build the outdoor store and distribution center near Wheeling.
The terms stipulate that $8.3 million be paid back within six months, with an extension of three months. The remaining $3.7 million would be repaid in semiannual installments over seven years.
Two other loans totaling $22.5 million will allow the Cabela's project to sidestep a threatened lawsuit that is holding up funding from the state Economic Development Grant Committee.
The Council for Community and Economic Development voted last week to provide a $10.5 million loan. A group of banks has agreed to lend the project another $12 million.
The loans are meant to tide the project over pending the awarding of $34 million from the state Economic Development Grant Committee.
That committee approved the grant for the Cabela's project last month. But the lawsuit threatened by attorney Larry Harless has held up the sale of bonds that would be issued to fund the grants.
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