The Lafayette Redevelopment Commission approved the initial steps Thursday to refinance three central tax incremental funding bonds at lower interest rates.
The bonds’ principal totals $3.865 million. Interest the city pays on one bond is 6 percent and the other two bonds have interest rates of 5.5 percent. If approved by the city council next month, the new interest rate could be as low as 2.25 percent, saving city taxpayers $386,000, Economic Development Director Dennis Carson said.
If approved by the council, the redevelopment commission would have to affirm its decision at its Nov. 15 meeting before the bonds could be refinanced.
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