Deer Park to vote on bond refinancing
By Laura Pavin Special to The News-Sun January 29, 2013 7:18PM
Updated: March 31, 2013 2:11AM
DEER PARK — The village is working to lower interest rates for the property and business owners in the Deer Park Triangle commercial business district.
Deer Park Trustee James Denny reported that the Village Board is reviewing 11 ordinance proposals that would refinance nearly $13 million in special service area bonds. The goal is to approve the refinancing by the end of January, said Denny, adding that the refinancing could save taxpayers in the area more than $2 million collectively over the course of five to nine years.
“We are in the final strokes of reissuing those bonds,” he said. “When they are reissued, the interest rate will be much lower, and the amortization schedule on the principle will be improved so that the savings will be in the neighborhood of $2.2 million to $2.4 million.”
The village reported that the interest rates can be brought from 6.4 percent down to 2.75 percent.
The refinancing proposals were discussed, then tabled at the village’s Jan. 21 board meeting.
The village issued the bonds to pay for water and sewer improvements within the 230-acre Triangle district, which includes the Deer Park Town Center and the Promenade across the street
If approved, those paying off the bonds could begin to see savings in 2014.
Denny reported that the town homes on the corner of Long Grove and Quentin roads would also see their taxes go down.
“One hundred percent of this is to the benefit of the landowners and business owners,“ Denny said. “When we lower costs on our businesses, our businesses are better able to compete.”