Up to $500K house loan approved for Truckee police chief
November 27, 2013
The town will provide Police Chief Adam McGill a loan to purchase a house in Truckee.
On Monday, Truckee Town Council unanimously approved up to $500,000 in financing — $100,000 in down payment assistance and up to $400,000 as a 30-year home purchase loan.
Funds will come from the town's general fund reserves, said Town Manager Tony Lashbrook.
"With Chief McGill, there is a positive opportunity to benefit from a long-serving police chief, potentially as long as all previous chiefs combined," Lashbrook said in a statement. "This would create desired stability in the department and in our community."
Payments on the loan, plus interest, would be deducted from McGill's twice-monthly paycheck. The amount will depend on cost of the house purchased.
Payment of the down payment and interest would be due upon loan termination and/or sale of the house.
Should McGill depart from town employment, full payment on both loans would be due within 18 months of his last day.
As chief, McGill — who took over in February 2012 — is required by contract to live within town limits. Up until now, he has rented, but wishes to purchase a house, according to the town.