The current Monroe County Convention Center loan debt will be paid off after the county council unanimously approved a money transfer Tuesday night.
The Convention Visitors Commission will transfer nearly $425,000 from its general fund to the debt fund.
Michael Campbell of the Convention Visitors Commission said that money, combined with the money already in the debt fund, will fully pay off the Regions Bank loan.
“This was for the purpose of eventual convention center expansion and we’re at that point,” Campbell said.
This paves the way for a new bond for the expansion project.
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Councilmember Geoff McKim said he’s pleased to see the project moving in the right direction.
“I really feel like we’re on the right track and this is really one of the things that I really, really wanted to make sure was on the right track before I retire in just a few days,” he said. “This is a very tangible step.”
The Capital Improvement Board is in the final design phase of the $52-million expansion project. Construction is scheduled to begin in June.
The debt payout for the current center will be made January 1st.