Council approves refinancing proposal

Correction: A previous version of this story incorrectly listed the month when the Redevelopment Commission will next consider the refinancing. It is later this month, Feb. 15.

Columbus City officials are moving forward with a plan to refinance $9 million in bonds under today’s low interest rates, so the city can save more than $684 thousand dollars in interest.

The bonds were issued in 2007 to build the Fourth and Jackson Street parking garage. The Columbus Redevelopment Commission agreed last week to refinance those bonds and brought their proposal before the City Council last night. Heather Pope, director of redevelopment for the city, explained the reasoning.

Heather Pope on refinancing

After last night’s approval by the City Council, The commission is expected to vote to approve the refinancing at its meeting next month, followed by the City Council’s final approval. The refinancing would move forward by early March, according to the city’s financial advisers from Reedy Financial.