AUGUSTA,Ga (WJBF)The city of Augusta has some decisions when it comes to borrowing money for major projects.
Commissioners have already committed to providing up to 12 million dollars in bonds for a parking deck at the Cyber Center.
City leaders are also considering 28 million dollars in bonds for the Foundry Place Apartment project,
But also in discussion is a financing plan for a major mixed use development at the depot property at sixth and Reynolds street.
Commissioners say that could impact funding for the Foundry place.
City leaders say with the different projects it maybe difficult to do them all.
“It has the potential to do that because there’s no margin for error at the foundry I mean with something like the depot and things like that although those numbers haven’t come back but there’s a legitimate investment there so we’re overly invested in the foundry if anything goes wrong were 28 million dollars in the hole and that’s what concerns me,” says Commissioner Ben Hasan.
:This afternoon commissioners gave final approval to the financing for the Cyber Center Parking Deck,
The agreement with the state says the city will own the deck, and will pay to staff it, but gets to keep the parking fees.
The state agrees to pay for the maintenance.