The village refinanced a loan it took out in 2001 to purchase the Altenheim property by passing an ordinance at Monday night’s village council meeting that officials claim will save $300,000 as it pays down its debt.
In 2001, the village borrowed $4.6 million to pay for the Altenheim property and for water maters. It still owes $3.2 million on those loans, but Mark Hosty, commissioner of accounts and finance, said the village is now eligible to refinance.
The village negotiated a new interest rate of 1.37 (the rates will climb over the years, until the loan expires in November 2021). Previously, it was paying 4.15 percent in interest.
The total savings to the village as a result of the refinancing will be $293,610, Hosty said.