After a tough budget season that demanded the elimination of hundreds of city jobs, Long Beach plans to borrow $246 million to fund street repairs, a seaside pool, convention center renovations, and to pay off its newly built fire station and police academy.
Top city staff say it’s the most efficient way to get languishing capital improvement projects across the finish line. It’s also expected to come at a total price tag of roughly $473 million over the next 30 years, including about $234 million in interest, or close to a dollar of interest for every dollar borrowed.
The Finance Authority of Long Beach, a city-controlled agency consisting of City Manager Tom Modica, Financial Director Kevin Riper and Treasurer Hank Kim, approved the plan Wednesday. It now goes before the City Council for a vote on Nov. 10…