With a September 25 deadline looming, the not-for-profit Peconic Public Broadcasting organization has guaranteed a loan to help purchase the 88.3 FM license, says an unnamed source.
“We are making excellent progress and we have no other comments. We are in the process of finalizing the details,” Peconic Public Broadcasting Associate Manager Michael Howell said of the matter. He refused to disclose when the financial details of arrangement will be publicly revealed.
The source confirmed on Wednesday morning that the loan will have many guarantors and they anticipated that it will be paid off within a few years. The source added that investor Len Conway’s involvement in fundraising efforts for the radio station helped secure the funding. In 1996, Conway helped establish the Westhampton Beach Performing Arts Center.
The loan, which will reportedly be under $300,000, in addition to private donations will cover the $637,000 due to Long Island University for the radio license at the end of the month. According to previous reports, the group has already paid $160,000 toward the $800,000 purchase price.