Century Approves Half Million Dollar Repayment Note For Highway 29 Utility Relocation

September 2, 2026

In a short agenda council meeting that only lasted only about eight minutes, the Century Town Council on Tuesday night approved a revised promissory note for over a half million dollars with the Florida Department of Transportation.

The note locks in a zero-interest repayment schedule for utility relocation expenses totaling $522,555.71.

The revised agreement replaces and cancels a previous promissory note executed last year. The debt stems from utility relocation work completed within the state right-of-way along Highway 29. While the Highway 29 work was a state project, the Town of Century was required to relocate water, sewer and natural gas lines at the town’s expense.

According to Town Manager Dave Murzin, the town has made two payments of jut over $67,0000 to date, hoping for a savings under a gubernatorial designation as “Rural Area of Opportundity” RAO, which never materialized.

Under the terms of new updated note, the town will repay the remaining balance over 13 annual payments without interest or prepayment penalties. Repayment will begin on September 1, 2028, with 12 consecutive annual installments of $40,197.00, followed by a final payment of $40,191.71 to satisfy the full $522,555.71 balance.

The 3-0 council vote authorized Mayor Benjamin Boutwell to execute the revised promissory note on behalf of the town. Council members Dynette Lewis and Shelisa Abraham were absent.

Pictured top:: Work on Highway 29 utility location in Century as seen in March 2024. Pictured inset: Century Town Manager Dave Murzan explains a promissory note over a half million to town council members (pictured below) on Tuesday. NorthEscambia.com photos, click to enlarge

Comments

One Response to “Century Approves Half Million Dollar Repayment Note For Highway 29 Utility Relocation”

  1. Voices in Pensacola on September 2nd, 2026 5:40 pm

    The 0% interest rate is very nice. But there’s more to it.

    Even nicer is the fact that as inflation erodes the value of the dollar, over time the Town will pay back the loan at a face value of $522,555, but that amount will be worth less than that because the dollar’s value over the next 14 years will decline. Same dollar bill, but it may only be worth 65 cents in today’s value by then.

    Not good for the loan provider. Great for Century.





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Written by William Reynolds · Filed Under News