Millcreek will borrow $3.3 million for Shrine Club purchase

Millcreek Township will borrow up to $3.3 million toward the purchase of the Shrine Club.

Township supervisors voted to finance the purchase over 15 years. The township will issue a general obligation note to borrow the money and will spend about $378,438 annually to repay the debt, based on the current 4.18% interest rate. The interest rate will be adjusted in five and 10 years.