FORT WAYNE – The National Weather Service in northern Indiana says northeast Indiana and northwest Ohio are likely to see more record-breaking heat on Monday.Fort Wayne is looking to refinance the debt needed to expand Grand Wayne Center in an effort to save taxpayers more than $1 million.
The city’s redevelopment commission on Monday approved starting an effort to refinance the remaining $28.5 million owed to more than double the size of the downtown convention center.
Jim Lindsay, a specialist with the redevelopment division, said because interest rates are much better now than when the bond was taken in 2003, it made sense to refinance the loan.
He said a preliminary study by the city in December found refinancing will save the city a net of $1.2 million, although the commission approved any effort that saves at least $800,000.
Lindsay said interest rates have not changed much in the last two months, so he would expect the city to realize the full savings, especially because it can show nine years of prompt payments toward the debt.
Rather than use the savings to curb its annual payments, Lindsay said the city and others will continue to make their full payments in the effort to pay off the debt as quickly as possible.
The commission pays $1.4 million toward the debt annually from its downtown tax increment financing district. Revenues from the convention center and a separate taxing district provide nearly $1 million for the debt.
The debt was originally scheduled to be paid by February 2028.
The newly expanded Grand Wayne Center opened in 2005.
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