Economic Development Commission Approves Refinancing
By: Kellie Bartoli
Updated: July 9, 2012
A money-saving move in the works for a Valley retirement community.
Six years ago, the city issued millions of dollars worth of revenue bonds to the Westminster Village for expansion.
On Monday evening, the Terre Haute Economic Commission voted unanimously to refinance those bonds, because interest rates have dropped.
Westminster still owes around $16 million, and the refinancing will save them money in the long run.
"It's very important because when they save money on their rates, they have more money to invest in Terre Haute and their facility, so something that could be new construction, new jobs, stuff like that," said Brad Anderson, president of the Terre Haute Economic Development Commission.
Kyle Exline, executive director of the Westminster Village, adds, "Free up some operating cash and look at bringing back 401(k) matching plans, increasing the wage rates that we're able to give, or new rates for our new employees. Just so many flexibilities we can have as an operation."
There are still some steps that need to be taken before the refinancing is complete.
Westminster officials hope to be ready by September.
Six years ago, the city issued millions of dollars worth of revenue bonds to the Westminster Village for expansion.
On Monday evening, the Terre Haute Economic Commission voted unanimously to refinance those bonds, because interest rates have dropped.
Westminster still owes around $16 million, and the refinancing will save them money in the long run.
"It's very important because when they save money on their rates, they have more money to invest in Terre Haute and their facility, so something that could be new construction, new jobs, stuff like that," said Brad Anderson, president of the Terre Haute Economic Development Commission.
Kyle Exline, executive director of the Westminster Village, adds, "Free up some operating cash and look at bringing back 401(k) matching plans, increasing the wage rates that we're able to give, or new rates for our new employees. Just so many flexibilities we can have as an operation."
There are still some steps that need to be taken before the refinancing is complete.
Westminster officials hope to be ready by September.
