The city and county stand to save a total of $2.3 million in interest payments over the next decade if the Biloxi City Council approves a measure being proposed by Mayor Andrew “FoFo” Gilich.
The proposed bond-refinancing is one of a dozen issues on the City Council meeting scheduled for Tuesday at 1:30 p.m. at City Hall. Also scheduled: an update on Popp’s Ferry Road widening by contractor Jimmy Lane, a measure to approve a contract for street sweeping by a private contractor, and the extension of acting directors for the Public Works and Engineering departments.
The bond measure proposed by Gilich would refinance $25.6 million in tax-increment finance bonds that were originally borrowed in 1992 to finance the widening of Caillavet Street and construction of Back Bay Boulevard.
The city and county would collectively save more than $200,000 a year in interest payments. The bonds had also been refinanced in 2006 to reduce interest payments.
The city and county in 1999 had originally borrowed $35 million to finance the east Biloxi traffic improvements, which included widening Caillavet Street to a four-lane boulevard and building a four-lane Back Bay Boulevard to connect I-110 to Point Cadet, the so-called East Biloxi traffic loop. About $10 million has been repaid through the increased volume of property taxes in the area between I-110 and Point Cadet.
See meeting agenda and supporting documents
Paving underway on Porter; more to come
Warren Paving crews laid down fresh asphalt on Porter Avenue and Division Street this afternoon, and planned on moving to Bohn Street Tuesday before paving Reynoir, Lameuse and Main streets later this week.
Porter is being paved from the CSX railway to Division Street, Division from Porter to Forest, and Bohn from the CSX railway to Division. Reynoir, Lameuse and Main all will be paved from Division to Bayview.
The work is part of a temporary paving project to alleviate dusty and pothole-riddled streets on heavily traveled thoroughfares in the east Biloxi infrastructure zone.
Warren crews had graded streets this morning in anticipation of paving, while Biloxi Public Works crews elevated water cutoff valves and manholes on streets awaiting paving.
See photos from today’s work
News and notes
Weekly reports: To see the reports from the Biloxi Fire, Police and Community Development departments, click here.
DRC agenda: One project is on the Development Review Committee agenda for Wednesday morning, a pharmacy in the Woolmarket community. To see the agenda, click here.
