The City of Winston-Salem’s finance committee signed off yesterday on $3.25 million for the downtown Civic Plaza project:
By a 3-0 vote, with Council Member Vivian Burke abstaining, the city’s finance committee endorsed a resolution directing city staff to flesh out the deal for the city’s involvement in the project. The plan would be for the city to borrow $3.25 million as its half of the park and deck costs, then pay back the debt over 21 years from property taxes generated by the new development.
That’s the way it works in theory, but not always in reality.
