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Community Spaces

The Community Spaces Plan is a done deal. It doesn't matter who will be on the City Council for the next four years. I never opposed the Plan or Idea. We had to borrow 60 million dollars to finance the Plan. The pay back will be done in 30 years at the cost of 30 million dollars in interest. It will cost the taxpayers 90 million dollars at the end of the 30 year period. My suggestion was to accelerate the payment schedule. It would be like making double principal payments on your home mortgage. It gets paid off sooner and it could save the City millions of dollars in interest. The best lesson I was taught in "Finance 101", if you must borrow money, borrow the least that you need, negotiate the lowest possible interest rate, and then pay it back as fast as possible!

David J. Harwell 7 days ago

Vestavia Voice