The Albemarle City Council has set a public hearing to consider the financing of the new police headquarters for 6 p.m. June 10.

The new police headquarters will be at 155 W. South St.

The city is considering entering into an installment financing agreement with Pinnacle Bank in an amount not to exceed $4.1 million. The loan would have a fixed interest rate of 3.55 percent and a 1 percent fee due at closing.

First Tryon Securities is negotiating the proposed financial agreement on behalf of the city with Pinnacle Bank and will bring back a final proposal to the city.

The city purchased the former Home Savings Bank building for $600,000, which was sold for approximately 50 percent of the tax value.

The city council previously approved an adjustment to the construction manager’s contract regarding the new police headquarters during the last city council meeting.

The construction manager at risk for the project, Edifice, Inc. of Charlotte, currently is in the contract bidding process with a number of vendors. There are  21 subcontractors that have put in bids for parts of the project.

The only local subcontractor to submit bids was Garmon Mechanical Services, which won contracts for plumbing and heating, ventilation and air conditioning.

The contract adjustment is contingent upon the Local Government Commission looking at the city’s finances and approving the project.

The city has meetings twice a month with Edifice and with the architect, Creech & Associates, also of Charlotte, said City Manager Michael Ferris during the previous council meeting.

If the financing moves forward after the June 10 meeting, the LGC could consider the project in July.

In other news:

• The council listened as Kevin Robinson, director of the city’s planning and development services, explained that 155 new jobs have come to Albemarle from January to March. This includes 115 from Chick-fil-A, 15 from Carolina Treetop Challenge, which should open in early June, and seven from SueJay’s Soul Food restaurant, which plans on opening at the end of May in downtown.

• The council voted to approve a proposal to, per NCDOT’s recommendation, establish the speed limit on College Drive from the intersection of West Main to the vicinity of the driveway of the Stanly Community College Administration building to be 35 mph, while the remainder of the road would be 25 mph.