After 30 years, Albany Civic Center is paid off - WALB.com, Albany News, Weather, Sports

After 30 years, Albany Civic Center is paid off

Posted: Updated:

By Cade Fowler - bio | email

ALBANY, GA (WALB) – Our tax money has been paying for the Albany Civic Center for 30 years - but now - we own it outright.

The city wrote a check Monday for a little more than $1.3 million. It's the last payment on the arena.

The original bond was granted in 1981 for $16 million. It was re-financed three times.

City leaders say they're glad to have the building paid off.

"It's been approximately 30 years since the original financing was set up. The building opened in February of '83. It's good to have that debt off the city. We've been paying about $1.3 million per years since that original date and that's one bill that goes away," said Albany Assistant City Manager Wes Smith.

The city still underwrites operations at the Civic Center. Smith says the structure itself is still in good shape.

Next Monday, newly hired Civic Center director Timothy Mabe will begin his new job.

©2011 WALB News. All rights reserved.   Feedback