The City of Coronado authorized a $1.2 million loan so its city manager could buy a home at a low interest rate.
Coronado City Manager Blair King earns $193,000 annually and is entitled to a $525 monthly car allowance, according to his contract, which was signed September 2011.
“People say, What a lucky guy,'” King said. “It’s absolutely true.”
King’s contract states he can borrow up to $1.5 million for “housing assistance.” The loan is contingent on a two percent interest rate above what the city’s investments are earning.
Read the entire ABC 10News story — and see a copy of King’s contract– here.
