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County to save $500,000 with refinancing

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POSTED: April 9, 2014 10:31 a.m.

Note: The story said Bryan County will save taxpayers more than $5.5 million due to a reporter's error when reading the news release. The News regrets the mistake. 

The Bryan County Board of Commissioners said it will save taxpayers more than $500,000 under a recently approved financial plan.

According to a press release, the Richmond Hill location of The Savannah Bank has agreed to refinance $10.5 million in debt in the name of the Development Authority of Bryan County and the savings will come from a lower interest rate on the long-term debt, county Finance Director John Grootheer said.

The release said The Savannah Bank Bryan County Market President Jon Seagraves told commissioners the bank will absorb up to $20,000 in closing costs for each loan, allowing for additional savings to county taxpayers.

The $10.5 million refinance includes paying off two outstanding loans originally for the development of the Interstate Centre II and Interstate Centre III industrial sites on I-16 in North Bryan.

The Bryan County Board of Commissioners will “offer the guaranty of the county” for the debt through an intergovernmental contract between Bryan County and the DABC, the release said.

“The refinancing will ultimately save county taxpayers a significant amount of money,” said County Administrator Ray Pittman. “And we are please one of our local financial institutions, The Savannah Bank, offered us the best rate.”

 

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