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Article: Taxpayers to Keep Centro Ybor Shopping Complex Alive in Tampa, Fla.
- Article from:
- News Herald (Panama City, FL)
- Article date:
- January 8, 2004
CopyrightCOPYRIGHT 2004 The News Herald. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jan. 8--TAMPA, Fla. -- Centro Ybor, the shopping complex that was supposed to drive the revitalization of Ybor City, will wind up costing taxpayers $16.3-million in a multiyear bailout.
The project's owners cannot pay the rest of a federal loan guaranteed by city tax funds, and have asked Mayor Pam Iorio for help.
Iorio said Wednesday the city will take over payments on the loan, beginning with a $300,000 payment on Feb. 1. The cost to taxpayers this year will be $760,000.
Over the next 14 years, the total price tag, with interest, will be more than $16 million.
"There really aren't any other options," Iorio said. "If there was an easy ...