Mobile Civic Center financing moves ahead [Video]

MOBILE, Ala. (WALA) – The City Council on Thursday took two different votes related to the Civic Center redevelopment project and the city’s finances.

The council voted to formally express its intent to borrow $250 million for the project. The resolution also gives the city the ability to use some of the revenue from tax-exempt or tax-advantaged bonds to reimburse funds the city already has spent.

For instance, the city budgeted $8 million for the demolition. That money is coming from the city’s capital budget. Under this resolution, the city could use the borrowed money to put those funds back in the capital budget.

The other vote relates to a practice since 2019 to dedicate 16.66 percent of general fund revenue to a reserve fund. Councilman Ben Reynolds said that has allowed Mobile government to weather downturns and other emergencies.

“We mad that a part of our law today,” he said during the meeting. “In …