ADICA repays city - WALB.com, South Georgia News, Weather, Sports

ADICA repays city

By Len Kiese - bio | email

ALBANY, GA (WALB) –The Albany Dougherty Inner City Authority says they are honoring their financial obligations and are paying the city of Albany back to the tune of a half million dollars.

The city advanced ADICA $500,000 in anticipation of a $6-million dollar bond.

Monday night, board members voted to draw a $100,000 requisition from that bond, combine it with $400,000 in their account and repay the city.  It lessens an already tight budget for the board.

"We never had much money. We never do have much money but it does make it very, very low. We don't have money to do things other than draw the bond. But we don't want to draw the bond until we have something to do with it substantial because it then begins to accrue interest and we want to keep the interest as low as we can," said Interim ADICA Director James Taylor.

ADICA leaders hope to use money from the bond to spur redevelopment downtown.

To make sure all payments are legit, any money used from the bond has to be authorized by multiple signatures.

©2009 WALB News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.  Feedback

 

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • City of Albany to host Summer Youth Programs Fair

    City of Albany to host Summer Youth Programs Fair

    Monday, May 29 2017 5:48 AM EDT2017-05-29 09:48:34 GMT
    The City of Albany wants kids to take advantage of the various programs happening this summer (Source:WALB)The City of Albany wants kids to take advantage of the various programs happening this summer (Source:WALB)

    Dougherty Co. students are now out of school for the summer and the City of Albany wants to inform students about various summer programs. Fight Albany Blight will host a Summer Youth Programs Fair on Tuesday, May 30, 2017, from 6:00 p.m. to 8:00 p.m. at the Mt. Olive Community Recreational Center.

    More >>

    Dougherty Co. students are now out of school for the summer and the City of Albany wants to inform students about various summer programs. Fight Albany Blight will host a Summer Youth Programs Fair on Tuesday, May 30, 2017, from 6:00 p.m. to 8:00 p.m. at the Mt. Olive Community Recreational Center.

    More >>
  • One dead in Albany wreck

    One dead in Albany wreck

    Monday, May 29 2017 4:29 AM EDT2017-05-29 08:29:42 GMT
    (WALB image)(WALB image)

    One person was killed and five others were injured in a wreck in Albany early Sunday morning.

    More >>

    One person was killed and five others were injured in a wreck in Albany early Sunday morning.

    More >>
  • Service honors fallen service members at Albany's Field of Crosses

    Service honors fallen service members at Albany's Field of Crosses

    Sunday, May 28 2017 10:19 PM EDT2017-05-29 02:19:11 GMT
    (Source: WALB)(Source: WALB)

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>
Powered by Frankly