ISLE OF PALMS, S.C. (WCBD) – City leaders from the Isle of Palms are taking one step closer to solving long-needed repair problems on the island.
In a special meeting on Tuesday, City Council made a unanimous decision to pass the first reading of a new ordinance regarding $7 million in general obligation bonds.
“Let’s put it in simple terms; we’ve got a marina to rebuild,” says Mayor Jimmy Carroll.
Council says these bonds would help cover the cost of the marina’s dock repairs, bulkhead recoating and more. The entire marina project is expected to cost approximately $3.2 million in total.
City Administrator Desirée Fragoso says the $7 million will also go towards phase 3 of the city’s drainage project.
“For the phase 3 drainage project, as budgeted $3.1 million and $3.2 million for the marina project. The reason why we did a “not to exceed number” is to give us some wiggle room,” she says.
Councilmember Randy Bell made a comment that the general obligation bonds are well worth the $7 million investment for the benefit of the island.
“I think it is really really worth pointing out the only debt service we’re looking at for the marina is slightly more than 3 million dollars…and that’s it. The balance of this going to solve long-standing drainage issues which I think is very commendable across the board for this council,” says Bell.
As the council plans to move forward with these projects, they must vote again to approve the bond ordinance. The next council meeting will be on September 22nd. For more details or to watch Tuesday’s council meeting, click here.