Up to $500K house loan approved for Truckee police chief | SierraSun.com

Up to $500K house loan approved for Truckee police chief

Margaret Moran

Adam McGill

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.

Recommended Stories For You

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.