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Council to explore ALM loan to fund public‑safety building renovation and preserve capital funds
Summary
The clerk recommended investigating the Alabama Municipal League loan program to fund renovations for the public‑safety/incubator building so the city does not exhaust capital improvement funds; the clerk will request a non‑binding estimate of loan terms and payments.
Madam Clerk Van told the council that applying for a loan through the Alabama Municipal League (ALM) could provide low‑ or no‑interest financing to renovate the building planned to house public safety and related incubator functions. The clerk said the capital improvement fund would be heavily drawn down by the renovation and recommended pursuing the ALM review process to estimate an annual payment and determine how to structure a payment schedule within the FY2027 budget.
Council members asked the clerk to obtain a nonbinding review from ALM so the city can project annual debt service and consider redirecting capital improvement funds now to other projects (playgrounds, equipment) if a loan covers renovation costs. The clerk said the ALM review is nonbinding and would give the city a realistic sense of monthly or annual payment obligations, which the council would have to add to the operating budget if accepted.
Next steps: clerk to contact ALM for preliminary terms and to provide a follow‑up report on projected annual payments and implications for the capital improvement program.
