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Refinancing to save Lafayette at least $30K a year

Lafayette is hoping to save more than $30,000 a year by refinancing a series of bonds.

The Redevelopment Commission agreed to adjust three; one for a downtown parking garage and two for the development of Renaissance Place.

The savings is realized primarily through a reduction in interest rates.

The city is now paying between five and six-percent on the bonds.  By refinancing and consolidating, the interest drops to about two-percent.

Over the terms of the bonds, the city will save about $400,00, according to Development Director Dennis Carson.

The savings will be put back into projects and programming in the city’s Central Tax Increment Financing District and downtown.