News Story

On November 17, 2023, the Town of Queen Creek secured a $50 million short-term loan from Wells Fargo Bank to cover cash flow needs during construction of new streets, water and wastewater improvements adjacent to the future LG Energy Solution (LGES) facility in the northeast part of Town. The loan is secured by a subordinate lien pledge of excise tax and state-shared revenues, bears a fixed interest rate of 4.09%, and matures on June 1, 2027. The loan and all of the project costs are intended to ultimately be paid using construction sales taxes generated by LGES during construction of its facility.

The relevant Town Council actions were as follows:

1. 9/6/2023 - Approval of Loan Authorizing Resolution
2. 10/18/2023 - Approval of Amendments to Purchase Agreement
3. 12/6/2023 - Report of Final Results

The relevant Town Council materials can be found below.