MACON, Ga. — Tuesday evening, Macon-Bibb County commissioners agreed to allow the Urban Development Authority to borrow up to $40 million to fund the Macon Mall project.
The idea is to help revitalize the old mall on Eisenhower Parkway and build an amphitheater next door.
Now that it passed, Urban Development Authority will issue revenue bonds.
In order for the county to borrow the money, they have to identify where the revenue is coming from to pay off those bonds.
Mayor Lester Miller says the revenue streams include amphitheater attractions, rent for businesses currently inside the mall, and rent from businesses and government offices that plan to move in.
Miller says he expects they can fill at least 75 percent of the mall in the next 12 to 18 months. right now, it’s less than a quarter full.
The mayor says now is the perfect time for the county to sign off on the bonds.
"Interest rates are really low now. We should take advantage of the low interest rates now that the county and Urban Development Authority can do on these bonds, which makes the debt service less amount and makes it easier to pay off the debt service if you want to do it quicker or make sure you can carry the note each year," Miller said.
Miller says with this passing Tuesday night, he hopes they get through the legal process within the next 60 days and break ground on the project by February of next year.