The Clark County Fiscal Court expects to save thousands of dollars by refinancing a $600,000 loan for its downtown parking lot project.
Magistrates approved measures Wednesday, allowing the county to seek a fixed rate of 3 percent or less over a 15-year term. The money was originally borrowed at a 4.01 percent variable rate.
“We are just trying to get a cheap rate and a fixed rate,” Branham said. “That is normally what we do with these loans. We take them on at a variable, and then when the rates get right, we can lock them in.”
Officials plan to stay with the Kentucky Association of Counties, which provided the original financing.
Last year, Fiscal Court purchased two downtown properties for the project on West Broadway. Both buildings were razed this fall.