Rowan County Commissioners on Monday could approve terms of a $2.5 million loan to pay for renovations at Rowan-Cabarrus Community College.

Commissioners have scheduled a called meeting for 9 a.m. Monday. A public hearing for a $2.5 million loan is the only item on the agenda. The public hearing is scheduled to be held before commissioners vote on the loan, which would mostly be used for heating, ventilation and air conditioning updates in older buildings at Rowan-Cabarrus Community College’s campus in Salisbury.

A smaller portion of the loan would pay for special cabinetry in the Salisbury campus’ dental lab and various renovations to Building 300.

A total of $1.9 million would be used for HVAC renovations and $600,000 would be for the dental lab and various renovations, according to RCCC Chief Facilities Services Officer Jonathan Chamberlain.

Rowan County received financing proposals from two banks — SunTrust and First Bank — for the $2.5 million.

SunTrust proposed the lower interest rate at 2.45 percent. First Bank’s interest rate was 3.25 percent. During 10 years — the period proposed for the loan to be repaid — Rowan County would pay $331,282 in total interest with SunTrust’s proposal and $423,557 with First Bank.

Assistant County Manager and Finance Director Leslie Heidrick recommended SunTrust’s proposal in a memo to commissioners and County Manager Aaron Church.

With the 10-year repayment term, Rowan County would make its final payment on the Rowan-Cabarrus Community College loan in 2025.

Already in 2015, Rowan County Commissioners have approved $10.45 million in loans. A total of $6.5 million was for the Rowan-Salisbury School System central office and $3.95 million was to replenish the county’s fund balance from the purchase of West End Plaza.

If commissioners approve the Rowan-Cabarrus Community College loan on Monday, it would next head to the Local Government Commission. The Commission is a financial regulatory agency for local government in North Carolina. Its next meeting is scheduled for Oct. 6.

Heidrick said the called meeting on Monday was specifically scheduled to get the loan submitted to the Local Government Commission in time for its next meeting.

If approved by commissioners and the Local Government Commission, the county would finalize the $2.5 million loan on Oct. 15 and start payments on April 1, 2016, according to county documents.

Contact reporter Josh Bergeron at 704-797-4246.