By JAMES MITCHELL
Sunday Times Newspapers
TAYLOR — City officials announced last week continued savings over the long term through the approved refinancing of two bonds, made possible due to the improved financial standing.
Mayor Rick Sollars said the refinancing and subsequent savings — an estimated $1.8 million over a 20-year term — resulted from the upgrade given the city’s finances in January by rating service Standard & Poor’s.
Taylor was upgraded from “stable” to “positive” by the financial firm, and Sollars said that trend was expected to continue, with “everything on an upswing” in the city.
Sollars and Chief Financial Officer Jason Couture applied for the refinancing in February, armed with the S&P rating and a city that had eliminated a nearly $5 million deficit that, not too long ago, had threatened to place Taylor under state-mandated emergency management.
Sollars and Couture presented a summary of new businesses and anticipated projects in the city, from national chain stores to ambitious development plans along Eureka Road.
During last month’s state of the city address, Sollars reported that Taylor was, for the first time since 2011, out of deficit and in the black. The city recently posted a $400,000 fund balance, and progress has been reported on several long-dormant residential development projects.
Sollars said the refinanced bonds, as with national ratings, represent another step in a long process.
“The recession drastically dropped taxable values in the city,” Sollars said in a statement. “Issues like new business development and even this refinancing become so important. Every little bit helps our community.”
(James Mitchell can be reached at [email protected].)