The Marietta City Council voted Friday morning to restructure bond debt on the city-owned Hilton Atlanta/ Marietta Hotel and Conference Center.
The city will pay off the outstanding $29 million bond debt currently set at a variable interest rate and issue new revenue bonds with a fixed rate.
City officials urged the change because of the meltdown in the municipal bond market. The city’s bond payments rose above lease payments from Remington.Hospitality, which is leasing the center through 2028.
Mayor Bill Dunaway said other governmental entities have made similar changes. Officials expect Marietta will save about $5 million over 17 years. The proposal passed 5-2, with council members Van Pearlberg and Grif Chalfant. voting no.
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