Specifications include, but are not limited to: Proposals are being requested from financial service firms to provide tax exempt, bank qualified financing and/or investment of construction funds for renovations being proposed to property owned by the Berkeley County Council (hereafter referred to as “County Council” or “Council”) and located at 110 W. King Street, 510 S. Raleigh Street, 520 S. Raleigh Street, 380 W. South Street and 315 W. Stephen Street Martinsburg, WV, 25401. Only written responses to this RFP shall be considered. All materials submitted shall become part of the proposal. II . SCOPE OF SERVICES REQUIRED: A. Amount of Loan(s): $10 million (tax exempt, bank qualified) to close no later than December 31, 2022 and $10 million (tax exempt, bank qualified) to close during the 1st Quarter of 2023. B. Loan to be secured by 110 W. King Street, 510 S. Raleigh Street, 520 S. Raleigh Street, 380 W. South Street and 315 W. Stephen Street. C. Type of Loan: Fixed rate. D. Term of Loan: 20 year (240 months). E. Payments: Quarterly payments preferred. F. Since the projects are expected to take 36-48 months to complete, banks, even if they are not interested in originating the loan(s), are encouraged to provide a proposal for investment of construction funds during the period of drawdown.
