Monday, January 31, 2011
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ALBANY, Ga. -- The city of Albany will make its final bond payment on the Albany Civic Center today, capping off a payment plan that has spanned three decades.
Assistant City Manager Wes Smith said Monday that the payment of $1,315,800 will close the books on the civic center, leaving the city free and clear of any debt on the facility.
First issued in 1980, the Civic Center bond was set at around $16 million or $17 million initially, with then-Albany Mayor and Herald Publisher James H. Gray Sr. donating $1 million of his own money as a personal gift to get the facility off the ground.
Since that time, the bond has been refinanced at least three times -- possibly four -- with the money saved going to build the amphitheater and the rest of Veterans Park, to finish construction of the arena and in the form of a $750,000 one-time cash payment to city coffers.
But at the close of business Tuesday, the city will owe no more on the arena, Smith said.