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.