Savannah officials are considering increasing the city’s debt to spur economic development at the stagnant Savannah River Landing site, as well as alleviate flooding concerns throughout the city.
Under the proposal, the city would issue about $10.6 million in bonds this year and $10 million in 2014 to cover the costs of improvements to President Street, which would be raised about 6 feet to alleviate flooding issues there, and other projects.
The additional bond funds would also be used to complete three drainage projects and provide $10 million owed to the Savannah-Chatham public school board.
The city would have an additional $1.7 million in annual debt payments if the bonds are approved. That obligation would be on top of $1.4 million in annual debt already being paid for 2009 bonds issued for the President Street project, which includes upgrades to General McIntosh Boulevard, Broughton Street and Randolph Street.
The additional funds are being requested after the costs of the projects exceeded expectations.
The President Street project hit some delays due to difficulties in obtaining easements and finalizing the design, since the city submitted an earlier request for proposals in 2009, said John Sawyer, Savannah public works and water resources bureau chief.
via City considering $20 million loan for President Street, drainage projects | savannahnow.com.
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