Albany - Albany Tomorrow wants the tax money voters o-kayed for some downtown projects. But, the city staff says getting that money before it comes in could cost thousands.
The ATI President, Tommy Chatmon, asked city commissioners to issue bonds for $16-million to pay for the expansion and improvements of the Civil Right's Museum, Thronateesaka, Riverfront Park and the Greenway Trail.
Voters approved using tax money for those projects, but it could take years to generate the money. That's why ATI wants the bond. But, the city's finance director says it could cost nearly $2-million to issue a bond. Chatmon says the city could make that money back in interest.
"The City is anticipating $60-million to $62-million in revenue. This is a $16-million bond. They will be able to invest that money, that they are stewards of, over a period of time which would bring down the cost of the issuance of a bond."