Columbus city leaders now have a decision to make about what to do with bond money that was originally intended to build an outdoor sports complex after The Columbus Redevelopment Commission voted unanimously to terminate the plan Monday night.
Although the site met regulations when it as chosen in 2010, a later study identified the area as a flood plain which made the plan unfeasible.
Columbus Mayor Kristen Brown says the city council will have to decide whether keep the bond and finance another project, or call the bond early to avoid even costlier interest payments.
“Unfortunately that decision’s hard,” Brown says. “We’ve already paid out a substantial sum in interest on that bond, close to $400,000 and the pre-payment penalty to call the bond early is very significant.”
Brown says the penalty will be around $500,000, which would bring the total unrecoverable cost of the project to more than $1.5 million. The city will continue to pay about $29,000 a month in interest payments until a decision is made.