Magnolia aldermen accepted Tuesday a quarter million-dollar bid for short-term financing to build a new fire and police complex.
The $250,000 loan, financed through Trustmark Bank — the sole bidder for the financing — at 1.7% interest, will be paid back over five years and will allow the city to complete the much-needed public safety project.
The city plans to renovate an abandoned garment factory on Highway 51 into a fire and police headquarters, saying existing facilities are inadequate and poorly located.
The project was originally expected to cost $600,000 to complete, but that estimate grew to $850,000 after engineers discovered other needed renovations and repairs.
The bulk of the project is financed through a $500,000 legislative appropriation secured by Sen. Tammy Witherspoon, D-Magnlia, the wife of Mayor Anthony Witherspoon, plus $100,000 in city funds.
The city will begin making payments on the note in August 2021, officials said. Miller & Miller Attorneys will receive $1,400 from the city for legal services performed in securing the note.
In other business, aldermen:
• Paid Fiske International Group LLC $20,900 for work performed on the water meter infrastructure project. This was the final payment.
“This project is pretty much over,” the mayor said.
• Paid WGK Engineers & Surveyors $7,333 for work performed on the wastewater rehabilitation project.