The Mayor also said that debt will be paid down in less than 20 years.
) - Mobile Mayor Sandy Stimpson says the city of Mobile will only need to borrow around $170 million to finance the new Civic Center project, and that debt will be paid down in less than 20 years.He said, based on the city’s current estimates, the cost of demolishing the existing Civic Center, building a new arena, and preparing the entire 16.5 acres site for future development will be approximately $300 million.
Stimpson acknowledged that’s a considerable number, but said he is confident the city is in a position to finance this critically important project without impacting public services or any of the regular investments in city infrastructure and capital improvements.The Mayor said, “Since I took office in 2013, the City of Mobile has never borrowed money to finance city operations or any project. During that time, we were also able to consolidate and aggressively pay down legacy debt.
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