The City of Natchez is considering selling some of its unused properties to help make up for an unexpected restriction on bond financing for the downtown convention center.

Ward 3 Alderwoman and public properties chairwoman Sue Stedman spoke to Natchez Kiwanis Club members Thursday on several topics of city business, including the convention center.

Of the $12 million the city attained for construction of the convention center, the bond issuing company is requiring almost $1 million to be set aside until the 20-year agreement is completed, Stedman said.

&uot;It’s there, it’s in a bank account, but we can’t get to it,&uot; she said.

Because the city needs all $12 million of the bond money to construct the convention center, officials are tentatively considering disposing of several city-owned properties, including the Natchez Water Works and the Commercial Building on Main Street, formerly Britton & Koontz First National Bank, Stedman said.

&uot;So we won’t have to come back to the taxpayer and say we need some more money,&uot; she said.

Natchez aldermen are expected to award general construction bids for the convention center at their Nov. 14 meeting.

Johnny Waycaster, project architect and coordinator, announced at the Oct. 24 board meeting that bid proposals on the 11 remaining construction packages came in higher than expected. Waycaster and city officials, including City Engineer David Gardner, are still negotiating with prospective contractors on the bids, and progress has been achieved, Gardner said earlier this week.

Stedman also told club members city officials do in fact have an estimate on how much it will cost to operate and maintain the convention center — between $55,000 and $60,000 a year.

Projections show the convention center creating an economic impact of about $12 million a year on the local economy once a &uot;sustainable convention base&uot; is achieved, hopefully by 2004, Stedman said.

If the projections are accurate, about $1 million would be generated in added sales tax revenue to the city each year, Stedman said. &uot;This is not pie in the sky, folks; these numbers are based on realistic and reasonable estimates and projections,&uot; Stedman said.