Sports complex financing OK’d

Staff Writer

The financing portion for funding the sports complex is now underway, following a unanimous vote from the Grenada City Council.
The council voted 7-0 Monday night to enter into a loan agreement, and learned from bond attorney Brad Davis that they could sign on for the maximum amount of $6.5 million to be paid back in 30 years.
Ward Three City Councilman made the motion, which was followed by a second from Ward Two Councilman Pete Wilson to approve the resolution entering them into the agreement.
“This resolution is the kickoff to financing part of the sports park,” Davis said. “It’s not to exceed $6.5 million and is paid solely from the sales tax that was voted on last year.”