City leaders are making several moves involving Yankee Trace Golf Club that they said will save taxpayers money and grow Centerville’s boundaries.
The city expects to save as much as $3 million and trim six years from a loan by refinancing bonds and reissuing debt associated with construction of the Yankee Trace Golf Club and the surrounding planned residential community.
Centerville City Council has approved the transactions, which city manager Greg Horn said could also reduce annual special assessments for some Yankee Trace homeowners by 7 to 14 percent, or an annual total of $700,000.
The city-owned and operated golf club opened in 1995.
One ordinance approved Monday authorizes refinancing general obligation bonds that carry a 4.6 percent interest rate. Horn estimated a saving of $1.06 million due to lower current rates.
Another measure authorizes refinancing the balance of 30-year bonds that supported infrastructure improvements in the development. Those debts will now be repaid by 2019, instead of 2025.
“That will mean an estimated savings of $2.09 million,” Horn said.
The deadline for the new transactions is Dec. 31.
Council member Douglas Cline asked if that will be soon enough to realize ideal benefits, considering that the rate on 10-year U.S. Treasury bonds had risen from 1.6 percent to 2.88 percent in recent weeks.
Horn said the terms of the city’s current bonds didn’t permit earlier action.
Council also approved a preliminary agreement to annex 13.8 acres on the west side of Paragon Road which is currently located in Washington Twp.
Horn said the annexation was sought by the owner, Yankee Trace Woods LLC.
The property is on the west side of Paragon Road south of the S-curve on that thoroughfare.
The Yankee Trace portion of the city continues to be a hot spot.
More news is expected soon regarding a proposed development on 65 acres bounded by Paragon, Social Row and Sheehan roads.
The Centerville Development Group, headed by Walter Minch, is expected to present formal plans soon to the Centerville Planning Commission, which will meet Aug. 27.