BEDFORD – On Monday, the Redevelopment Commission approved the semi-annual payment to USDA Rural Development. The cost consists of an interest-only payment of $45,446.33 for the 2017 loan for the Stonegate Arts and Education Center located on the square in Bedford.
The Redevelopment Commission also reviewed the plan to pay off the Stonegate Arts and Education Center in regards to the TIF report given by Andy Mouser.
2022 saw the completion of all of 2015’s outstanding bonds, leaving only the bonds from 2017.
Those bonds equate to roughly $2.8 million for the Stonegate Arts and Education Center. The bond is planned to be repaid through January of 2037. There is no premium on the Stonegate bond, which means it can be paid off at any point between now and the planned deadline.
With the Stonegate Center standing as the sole remaining bond, it should prove easier to speed the pay-off.
In July, the Commission discussed the possibility of accelerating the process and paying off the Stonegate Center early, and they have been investigating the option since. No official move has been made yet, but the matter is under discussion and financial planning.
