The local businessman's family and a local development partner are a part of the private investment side of the public-private partnership often talked about as a key to the expansion's success over the next 20 years.
Right now, his group is investing heavily -- "well over
Council's decision to reject a loan sought to get the public part of the expansion moving left him "disappointed," Garcia said.
"I wished they would take a stronger leadership role in finding ways to get things done," he said. Still, he's also optimistic a financing vehicle will be found.
Garcia's optimism appears on the mark.
The original proposal, a loan from the half-cent sales tax fund for job creation, draws heavy support because it is viewed by backers as the quickest, least-expensive and "least-complicated" alternative, Munch said.
Other choices include bonds, certificates of participation or similar kinds of debt instruments, he said. They are common options for such projects but take time to finalize and carry potentially high interest costs and fees that would eat up more of the state sales tax revenue pledged toward the project, he said.
"The good news is our second payment from the
Another option is a public vote on some kind of loan or bond option, he said.
Munch said he plans to give a report on financing options at the next meeting of the
Currently, the expansion is running six months behind due to council's deliberations
over financing issues. Under the state and
Council's rejection of the loan plan surprised
Foresta, owner of Angelo's Pizza on the Riverwalk, said she hasn't followed the issue as closely as some, partly because she thought there was widespread support for the expansion and the loan idea.
She and other businesses signed petitions in support, she said. The proposal also received good response at
Foresta questions if the loan proposal fell victim to the rift between the businesses community and
Council's vote disappointed
Wright also serves as this year's chair of the
Until the vote,
PEDCO and city leaders also have discussed possibly creating a business park in the area, he said.
"I was disappointed because we feel that (the additional public improvement) falls within the guidelines of the intent of the half-cent sales tax," Wright said.
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