Cutler Bay

Loan refinance to save residents more than $1 million

The Cutler Bay town council met Wednesday, May 20.

The main item

An 1,800 page agenda was highlighted by the council’s unanimous vote to refinance its 2010 loans with TD Bank. The original five loans were associated with the town center purchase, building improvements and the adjacent property. Town Manager Ralph Casals, financial advisors and a legal team negotiated with the bank to bring interest rates, as high as 4.42 percent, down to 2.50 percent on a tax-exempt loan and 2.80 on a taxable loan, at a fixed rate for 15 years. The move, which closes on Friday, will save provide taxpayers a gross savings of more than $1 million over the next 15 years, according to Casals.

Other business

▪ Economic Growth Committee: Council members narrowly approved the creation of a group to conduct research into the town’s economic conditions and trends and to make recommendations to officials and agencies about ways to improve its economic condition and development.

▪ Craigslist Transactions: The council approved an item supporting the providing of safe locations, such as police stations, to complete Craigslist, or similar classified website transactions.

They said it

“We are certainly are proud of a commitment that we made during our budget workshops. We said that this fiscal year our No. 1 priority was to refinance our existing bank loans. We kept that promise and delivered that last night.” — Town Manager Ralph Casals

The next meeting

When: 7 p.m. June 17

▪ Where: Cutler Bay Town Hall, 10720 Caribbean Blvd.

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