Council puts purchase proposal before voters on Reid property

 


Petersburg City Council has come to a consensus regarding the purchase of the Reid Marine Property. Based on that consensus, a funding proposal has been prepared that will be submitted to the voters at the Oct. 2 municipal election. The funding proposal provides for $250,000 from the Property Development Fund; $200,000 from the General Fund; $400,000 from the Economic Fund and financing the balance of the purchase, not to exceed $550,000, over a 15 year period payable from increased harbor moorage and upland outdoor storage rates.

Taking $250,000 from the Property Development Fund will leav...



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