Refinancing to save Columbus $684k

Refinancing bonds the city of Columbus issued to build the Fourth and Jackson Street parking garage would save Columbus more than $684 thousand dollars under a plan being considered by the Columbus Redevelopment Commission.

Last night, the redevelopment commission heard a plan to refinance about $9 million in bonds at today’s lower interest rates. Sarah Cannon, the new president of the redevelopment commission, explains the benefits.

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The commission passed a resolution recommending the refinancing to the Columbus City Council. The commission is expected to vote to approve the refinancing at its meeting next month, followed by the City Council’s approval. The refinancing would move forward by early March, according to the city’s financial advisers from Reedy Financial.

In other business:

  • New members Cannon, John Dorenbusch, Umar Farooq and Donald Trapp were sworn in. Cannon will serve as president, Dorenbusch as vice president and Trapp as secretary.
  • The commission agreed to approve the last $125,000 payments on two interest-free $500,000 loans made in 2011 by Cummins Foundation and the Heritage Fund.
  • Mary Ferdon, the city’s director of administration, reported that the meeting’s live video feed was disrupted by a previous parks board meeting in the room. She said she believed the meeting was being recorded though and would be available on the city’s website for viewing.