Florence City Council approves $15 million bond
FLORENCE, Ala. (WAFF) - Florence city council approved a $15 million dollar bond issue to fund downtown improvements.
Florence City leaders will spend the bulk of that money on a new parking deck in downtown Florence. About $10 million dollars of the bond money would go towards that project.
Two million will also fund the construction of a new HQ for the Lauderdale County EMA. Another two million will go towards improvements to the River Heritage Trail.
The last one million would go towards drainage projects in the city.
Council President Dick Jordan said the interest rate on the bond would be 2.3 percent.
He says that’s the lowest rate in the last 100 years.
“It’s the lowest interest we’ve had I believe in 112 years so we were glad we went to the market to borrow the money for the four projects. We won’t have to raise taxes because we’ve been very fiscal and responsible in our borrowing,” said Jordan.
The new parking deck would be built at the intersection of Tombigbee and Pine Streets.
That’s currently a city-owned parking lot.
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