Just Wednesday the Pensacola Community Redevelopment Agency voted 5-2 to move forward with the $500,000 addition called the “Back of House” for the Amphitheatre Complex at the currently developed Maritime Park. The loan will be paid back to the CRA within 1 year at 2.5% interest.
Per the Monday committee meetings, City Attorney Jim Messer was looking into the legal needs and assessments regarding the loaning methodology regarding the CRA.
CRA Chmn. and Pensacola City Councilman Brian Spencer starts out looking over the recommendation of the loan “Re-scheduling this was most important to see if we could legally participate as a member of the party in this loan.”
Messer continues, “I believe I was tasked to talk to the tax counsel and the bond counsel to look at the legal basis of this expenditure. After several discussions all have concurred with the approval of these bonds and the loan.
Messer cautioned, “The only part to be aware of is the loan will require three of the CDE’s to approve. We currently have the approval of two of them and currently awaiting upon the third approval. From a legal standpoint we can go ahead and move forward, however, financially it will not move forward until all three creditors have approved.
Pensacola City Councilwoman Sherri Myers agrees, “I will not be supporting this. I do see the benefits, but I just can’t support this. I think that this can be the beginning of a trend.” Myers continues with public concern, “The public I am talking to do not support loaning any more money to the CMPA.”
“The people I am hearing in the community think that we should move forward with this and that they want it and I am going to support this move” Pensacola City Councilman Larry Johnson states.
For more detailed information about the added amenities of the “Back of House” please visit www.CityOfPensacola.com.