Photo: Danube66 (Flickr)
Columbus City Council members voted 4 to 3 on Tuesday to deny the mayor’s request to return a bank loan earmarked for an outdoor sports complex. The sports complex was approved by former mayor Fred Armstrong but will not be built because the planned location was in a flood plain.
Columbus Mayor Kristen Brown says because the complex has been scraped, the loan should be too. Speaking on WFIU’s Ask The Mayor, she says the loan should be paid off before it’s due, despite a 300-hundred thousand dollar penalty the city will incur.
“This is something we should consider, taking the proceeds from this bond and applying it toward these capital needs,” she said.
City council members would rather ‘repurpose’ the loan for capital improvements. But Brown says the city doesn’t have a capital plan and some of their needs wouldn’t be appropriately financed with a 15 year loan.
“I think we’ve got the cart before the horse, the intentions were good to avoid this pre-payment penalty, but I’m very concerned that we are going to do a really rushed job prioritizing things,” she said.
Three council members will study the use of the loan and will present their recommendations to the city council by June 6.