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The Council approved the sale of $11.815 million in temporary tax abatement refunding bonds and related property tax abatements on 3-1 votes. The refinancing replaces $10.765 million in bonds used to acquire and demolish the Miller Building; officials said the interest rate could fall from about 5% to under 4%.
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The refinancing allows the City to continue paying the debt tied to the Miller Building property, with officials saying failure to refinance could risk default. The Council also advanced street work covering about 4.2 miles of overlay resurfacing and 1.1 miles of neighborhood resurfacing. A typical 80-foot residential lot in the neighborhood resurfacing project was estimated to face a $2,730 assessment, paid at about $619 annually for a total of approximately $3,095 including principal and interest.
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