According to Councilwoman Sherri Myers, Pensacola Mayor Ashton Hayward plans to borrow $20 million and use future Local Option Sales Tax (LOST) collections to pay it back.
The borrowing would come after the mayor borrowed last year $15 million for a street paving that would complete almost 10-years worth of resurfacing before the 2018 mayorial election. Hayward also got the Penascola City Council to approve borrowing an additional $15-million for gas line repair and replacement for the streets being paved.
On “Pensacola Speaks” last Thursday, Myers said she learned of the borrowing from the city’s Chief Financial Officer.
She said, “According to Dick Barker, our Chief Financial Officer, the Mayor plans to ask the City Council to borrow about $20 million against our LOST money.”
Myers pointed out that the mayor had already borrowed once against future LOST revenues for the new Bayview Community Center and the Fire Station No. 3.
She hopes that the mayor would also include in any borrowing sidewalks and drainage for Burgess Road.
“I’m asking that the money for Burgess Road be included in any funds that they want to borrow against LOST,” said Myers.