From: Thomas Heller
I read that the Columbus Redevelopment Commission, with $14 million of cash in the bank and an ongoing $6 million in annual tax increment financing (TIF) revenue, is preparing to refinance $9 million of debt used to build the Jackson Street parking garage.
They proudly announce this will save them $684,000 in debt service over the 10 years still remaining on those garage bonds. Whoo hoo! That’s a whopping 6 percent savings.
While our county is struggling financially and balances its budget on the backs of its employees, the city’s redevelopment commission is swimming in millions of dollars of cash, with almost no proven need for it.
Instead of trying to save 6 percent on their now needless debt, I’d say let’s call for the redevelopment commission to retire (entirely pay off) their debt. They’ve completed their job.