Authorize up to $25 million in bonds to refinance old redevelopment debt
In Plain English
The city's former redevelopment agency still owes money on old bonds from past projects. Richmond can issue new bonds at today's interest rates to pay off the old, higher-rate debt. If approved, this refinancing could save taxpayers money over time, similar to refinancing a mortgage.
Auto-generated summary. Source: official agenda documents.
Votes
Adopt Resolution No. 20-1
5 to 0
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