BEDFORD – The Bedford Redevelopment Authority met today to approve the early pay-off of the Stonegate Arts and Education Center on the square. By October 20, the structure is scheduled to be completely paid for.
The loan for the structure began in 2018, and the City of Bedford has been making payments since. January of 2037 was the original date by which the building would be paid off fully. After much discussion and planning, the idea to accelerate pay-off was proposed and discussed over the last three months.
Today, with the Redevelopment Authority’s approval, the plan can finally be set in motion.
Paying off the Stonegate now will save the city $700,000, a sum that Mayor Sam Craig said will be incredibly helpful for any future projects.
The current amount to pay off is $2.8 million. The payments will be made in two separate pay-offs. The first is set for September 30, and the second, and final pay-off is set for October 20, 2023.
This time allows for the interest that will accrue daily over the time leading up to the pay-offs to be calculated into the cost as well as time for the completion of paperwork.
By the end of this year, the City of Bedford will have paid off the Stonegate Arts and Education Center a full thirteen years early.
