City issues bond to refinance YMCA debt, tennis court complex on horizon
Published 5:52 pm Tuesday, October 13, 2009
The City of Greenville has approved the issuance of a $1.5 million bond to refinance the debt on the YMCA building and land, but the bond will also allow for the construction of tennis courts on the 15.5 acres of property.
The refinancing allows the YMCA to decrease the interest on the outstanding debt from the original purchase of the property, said Warren Matthews, a member of the YMCA Public Park and Recreation Board, but the bond will also be issued as a tax-exempt obligation. Additionally, the City of Greenville assumes no liability or obligation for the debt, which will continue to be paid by the YMCA.
Matthews said the tennis courts, once completed, should bring revenue to the city.
“Greenville is centrally located in the state,” he said. “So we’re in a position to host tournaments which will be an added benefit of this project.”
The refinancing, said Matthews, should save the YMCA an estimated $200,000 per year.
The Montgomery YMCA took over management of the facility on Oct. 1.
In other business, the council:
– Approved an ABC Special Events license for the Greenville Area Chamber of Commerce d/b/a Low Country Boil, scheduled for Nov. 5.
– Approved an application for federal funding in the amount of $849,262 and state funding of $21,006 for airport improvement funding assistance for undertaking a project to make improvements at the Mac Crenshaw Memorial Airport.
– Approved an ordinance declaring property owned by the city near the landfill as not needed for public use and agreed to lease that property to J.B. Johnston d/b/a Chicken House Shavings. Johnston will pay the city $300 per month to lease the property beginning in January 2010; $400 per month beginning Oct. 1, 2011; and $500 per month beginning Oct. 1, 2012. There is a a 60-day notice of termination, by either Johnston or the city, stipulated in the lease.
– Approved a retail beer and retail table win (off-premises only) ABC license for Raybon’s Grocery and Market.
– Approved the following expenditures: $40,788.36 to Travis Heartsill Builders to replace all upstairs windows including oval front windows and wood repair; $1,408 to The Greenville Advocate for publication of Ordinance 2009-06 Flood Plain Ordinance as required by law; $2,530 to South Central Alabama Development Commission for 2009-10 membership assessment.