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 leave a...