Vicksburg’s new bond issue – where will the $ go?

$16.9 million is the amount of the city’s new bond issue, all to be repaid with interest by the taxpayers of the city. $5 million for replacement of the Washington Street bridge. $7.8 million for streets, including the Oak Street project. $4.1 million for the first phase of the new recreational complex. There are two caveats that bear watching. One, the money spent on the Washington Street bridge will be repaid by the Feds in $1 million annual allocations. Two, if a private group develops the sports complex, the $4.1 million allocated to that project may be spent on the complex – or it could be used to pay down the bond issue, or used for… what? Should the latter circumstance come to fruition, our city government will have at least $5 million, and possibly $9.1 million over the next few years, to either be used to pay down the bond issue or spend at their whim. Which do you think is likely?

Published in: on August 17, 2007 at 2:10 pm  Comments (3)  

The URI to TrackBack this entry is:

RSS feed for comments on this post.

3 CommentsLeave a comment

  1. I propose the bond money be used thusly:

    1.) The reimbursement for the bridge should be used to pay down the bond, as planned.
    2.) The 7.8m for streets and the Oak Street Corridor should be used for just that.
    3.) The 4.1 million for the ball park be used for that only if the private effort fails.

    If the private effort succeeds then the 4.1m could be used for improvement of the City Front in three ways.

    First, the Delta Queen is going to be available for purchase and can be permanently dry docked as a tourist attraction. The Delta Queen is a paddle wheel steamboat built in 1926. It features 88 rooms; fine dining facilities and a theater venue.

    The cities’ part of this would be to purchase and dry dock the facility and then collect rent from an operator of the facility. In time this investment will pay for itself.

    Envision this. A beautiful and ornate paddle wheel steamboat permanently moored at city front and alive with activity. Fine dining, elaborate staterooms and live theater, or movies. This paddle wheel steamboat would rate up there in visual beauty along with the Old Court House Museum and the Illinois Monument. All the brochures and travel guides would picture the boat as part of the historic visage of Vicksburg.

    Secondly use some of the remaining funds to create a first class marina at City Front. It is long overdue and would attract watercraft to Vicksburg. River travelers complain there is no place to dock or buy gas from Memphis all the way to New Orleans.

    Finally, create a boardwalk along the water.

    With these three things the Vicksburg waterfront will be among the finest in the world and yet another draw for the tourist dollar. All three of these investments will pay for themselves over time.

  2. David, we’re going to run you for mayor. This proposal has been talked about forever, and nothing’s been done. I believe the state legislature would have to approve any such reorganization, so maybe that’s the place to start. That’s also a good question for these legislative candidates.

  3. The purchase of the Delta Queen is a magnificient idea and would only enhance the city waterfront. This is such a great vision for this city as we desparately need other types of entertainment venues besides casinos.
    Can the city officials see this vision?????
    Do the City officials want to see this vision?????

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: