OCEAN CITY – Officials say a request to use Inlet parking lot revenues will allow a downtown corporation to pay off debt associated with its model block project.
On Tuesday, the Ocean City Mayor and Council had before it a request from the Ocean City Development Corporation (OCDC) to use $625,000 in Inlet parking lot revenue to pay off existing debt for the organization’s model block properties.
OCDC Executive Director Zach Bankert said eliminating the debt would put the organization in a better position to develop the model block and purchase additional parcels in the future.
“To date, we still carry a debt of about $625,000 associated with the model block property,” he told the council. “The debt on that is an adjustable bank note, and that is soon to adjust with the interest rates where they are. We would like to use the Inlet parking funds to pay off that debt because we aren’t quite for sure what that new rate is going to be, other than high.”
Since 2003, the OCDC has received a portion of Inlet lot revenues as a reserve fund of sorts for projects in the downtown area.
Is it just me, or is anybody else SICK OF “NON-PROFITS” sucking up our tax dollars?
They make PLENTY off the Lot & Buses !!! Waaaa