Lakewood SSA Bonds Refinanced

A few weeks ago we passed a refinancing of the Lakewood Grove Special Service Area (SSA) bonds that I wrote about here back in November. The actual numbers shook out as follows:

• We were able to reduce the total debt from by $4.3 million dollars,
• The interest rate dropped from 6.75% to 4.85%.
• The total savings to a homeowner is $380 per year
• If you own a town home or duplex its $254.

While its not the reduction I am sure the homeowners would want, its a step in the right direction. Just a reminder that this SSA went to schools and road infrastructure improvements.

I spoke at a Lakewood Homes HOA awhile ago and I told them that in retrospect I would never do a SSA similar to what we did here if I knew todays outcomes back then. Of course its easy to have 20/20 hindsight. At the time when I inherited the concept from then Mayor Jim Lumber, the concept was reasonable because it addressed schools and transportation.