City approves bond issue for municipal complex
Published 12:00 am Tuesday, February 10, 2004
The city of Alabaster has taken the first step to help get construction under way in the Interstate 65, Exit 238 redevelopment area where municipal facilities will be located.
In a special called meeting last Thursday, the Alabaster City Council met to authorize the issue and sale of 2004 city warrant anticipation notes (bonds) totaling $4.8 million.
According to City Attorney Greg Morris, the city will use the money to purchase 23.7 acres of land from Shelby Land Partners.
According to the ordinance,
the land to be purchased includes one section of
10 acres (435,600 square feet) and an additional 13.7 acres (596,777 square feet) for a through road.
Councilmember Bobby Harris asked if the special called meeting had been posted.
When informed by Council President Rick Walters that it had, Harris said, &uot;If people were not in agreement or accord this room would be overflow.&uot;
He said the I-65, Exit 238 development to begin as a result, &uot;I can’t wait to see it come to fruition.&uot;
Councilmember Tommy Ryals called the bonds a start to get construction under way in the Interstate 65, Exit 238 area.
Voting in favor of the bond ordinance were Walters, Harris, Ryals and other councilmembers Jim McClain and Adam Moseley. Absent from the meeting were councilmembers Michael Sherwood and Henry Hines.
According to McClain, interest on the bonds will be 4 percent.
&uot;There are other incentives such as sewer lines and water lines we plan to offer to the developer,&uot; Walters said.
He said the city will roll items into a major bond issue that will pay off the $4.8 million bond issue.
Walter said the city can payoff the $4.8 million bond issue early, indicating that was the city’s intention