City borrowing for convention center improvements
Published: September 19,2013
Tags: borrow, city, city council, city government, city of Columbus, construction, convention, Convention Center, finance, loan, meeting, Mississippi Development Bank, municipal, municipality, renovation, Steve Edds, Trotter Convention Center
COLUMBUS — The city of Columbus will borrow up to $2.5 million to finance renovations at the Trotter Convention Center.
The city council voted to borrow the money from the Mississippi Development Bank. The city also will use in-lieu fees from Columbus Light & Water of about $225,000 a year to service its debt.
The Commercial Dispatch reports that MDB bond counsel Steve Edds told the council that the interest rate for the loan will be 4.55 percent.
Edds says it will likely be mid-October before the city would have the money in the bank to proceed with the project.
Renovations are tentatively scheduled to be completed at the end of 2014.
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