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City to Borrow $5.6 Million for Memorial Campus Demolition

October 11th, 2012 by WCBC Radio

Cumberland city leaders made it official Tuesday night, approving a second ordinance to borrow $5.6 million with most of it targeted to demolish the old Memorial Hospital. The Mayor and City Council has now approved two ordinances for the project- one to issue $5.25 million in bonds for the projects through the Maryland Local Governmental Infrastructure Financing Program, the other to issue $5.69 million in bonds for the same projects through private sale. The city plans to pursue one avenue or the other, depending upon which funding comes through. While technically opening the door to borrow close to $11 million, Mayor Brian Grim said that is something that won’t happen, emphasizing that it is an either/or approach being taken…

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