Montgomery mayor presents plans for $375 million ‘Momentum 2040’ initiative

Montgomery Mayor Steven Reed wants the city to issue $375 million in general obligation warrants for his “Momentum 2040” initiative, but some residents said the borrowing should wait.

Reed said at a July 21 meeting that $200 million of the funds would be used to enhance the city’s convention center, $45 million on a sports complex and amphitheater, $15 million on housing infrastructure, $50 million on facility/service enhancements and $40 million on neighborhood projects.

“In order to sustain this momentum, we must make long-term investments in infrastructure, recreation facilities, housing and public assets and position Montgomery to compete for more jobs, tourism and private sector investments,” Reed said.

Momentum 2040 is the City of Montgomery’s proposed capital investment initiative designed to strengthen neighborhoods, modernize public facilities, improve essential services and keep Alabama’s Capital City competitive for the next generation, according to the city's website. 

Reed said that Montgomery was “in significantly stronger financial shape” now and can therefore handle the debt.

“Today Montgomery generates more than eight times the revenue required each year to cover the new bond while still maintaining investment in all of our city employees, retirees and our communities,” Reed said. “Our total obligations remain well within healthy, responsible ranges.”

During a public hearing that followed Reed’s presentation, opponents stressed that the police and fire departments need raises and additional personnel. Some believed that a new police station and a recycling center should be purchased with the bond money.

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“That’s half a billion dollars,” resident Angela Exford said. “Montgomery is moving forward, but we’re not there yet. We have so many things that we need to put in place before we decide we want to pull this much money for the city.”

Gary Cook said that the bond could overload the city’s debt and lead to increased taxes.

“If we’ve got to borrow money over and over and over for every project, we’re taking on projects we can’t afford,” Cook said. “We’ve reached the debt limit. And then we need some basic services, we’re not going to have the money.”  

However, not everyone was against the measure. Barry Robinson, who said that he serves as president of the Mayor’s Young Professionals Council, said, “These are the kinds of investments that can improve quality of life, attract private investment and create opportunities for generations to come. The question before us isn’t just about today, it’s about what kind of Montgomery we want our children and our grandchildren to inherit ten, twenty and thirty years from now.”  

The item was not voted on and will come back at a future meeting.

A copy of Reed’s presentation can be found here.

The Montgomery City Council meets at 5 p.m. every first and third Tuesday of the month at City Hall on 103 North Perry Street. Recordings of meetings can be found on YouTube and Facebook.