Natalia MDD secures $200k bond

Natalia Municipal Development District Chair Ruby Vera updated the Natalia City Council on the NMDD’s recent activities at the Regular Council meeting on Monday, April 17.
“I do want to let y’all know that we were able to secure the $200,000 from BB&T,” Vera told Councilmen Chip Bluemel, Mike Fernandez, Tommy Ortiz, and Mayor Pro Tem Sam Smith. Councilman Ruben Juarez was absent.
The NMDD will close on the bonds on Thursday, April 27 at 10:00 am, and the money will be used to purchase the building across the street from City Hall.
“We will be paying approximately $34,707.60 in interest over a 10-year period of time,” Vera said. “Beginning probably in the October time frame, the beginning of the new fiscal year, we’re going to start moving $3,000 on a monthly basis from the NMDD account into the project account so that way we’ll have the $23,000-plus that we’re going to be needing to make our yearly payment for these bonds.”
Vera said that between $20,000 and $22,000 will be left over once the property has been purchased, and broker Frost National Bank and bond counselors Winstead and Co. have been paid.
The NMDD is also working with Langford Community Management Services to apply for grants under the state’s Department of Agriculture in 2018.
“[Langford] believes that we are prime organization, that we would be able to score high enough to be able to get a land grant and loan type of thing because we do not have a community center for our community,” Vera said. “And so we are going to be working very hard to start putting together partnerships with the City, with the local banks, with any kind of businesses that we have in our community that are going to be supportive in this application process.”
Vera said there’s also a chance of getting $500,000 because of Natalia’s low to moderate income levels, and that all of that money would be put towards the building.
The NMDD’s next meeting is Wednesday, April 19 at 6:30 pm, and will feature a presentation from UTSA on affordable housing, economic development, community development, and work in rural areas.
“They’re specifically geared up for these Main St. programs,” Vera said. “We can pick their brain to see what we need to do and how to go about doing it, and maybe going after some dollars so we could get the downtown area revitalized also.”
By Marly Davis
Staff Writer