COLUMBUS, Ind. — Columbus City Council this evening will consider refinancing more than $2 million in remaining debt from the 1997 renovation of the Foundation for Youth building.
Mayor Kristen Brown said the city has an opportunity to refinance its 5.35 percent interest rate to 1.8 percent, according to bank quotes. To do that, the city would have to pay off its remaining loan balance of $1.94 million with a new loan of $2 million.
That amount also would cover $40,000 in closing costs.
The city's original loan was for $5.5 million, with the final payment to be made Jan. 15, 2018, Brown said. She said refinancing in that time would save about $203,000 in interest.
Since 1989, the Foundation for Youth has been a conglomeration of the Girls Club, Boys Club, Girls Inc. and Columbus Youth Camp. The center was renovated and expanded at its location at 405 Hope Ave. in 1998 and 1999.
The City Council meeting will be 6 p.m. at the City Hall Council Chamber.
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