Community Development District 9 will save more than $15 million through the refinancing of bonds.
The CDD 9 Board of Supervisors on Thursday afternoon at Savannah Center voted unanimously to refinance its Series 2011 Phase I Special Assessment Revenue Bonds through CenterState Bank.
CenterState Bank offered a 21-year term loan with a fixed rate of 2.37 percent which would result in a net present value savings of 46.14 percent, or $15.121 million.
The refinancing was handled by PFM Financial Advisors, LLC., the financial adviser for CDD 9.
The board chose the CenterState Bank offer over a proposal from Morgan Stanley.
Deputy District Manager Kenny Blocker described Thursday’s action as a “soft closing.” The actual closing will take place in February.
CDD 9 is located south of County Road 466A and west of Morse Boulevard, but also includes the Haciendas of Mission Hills and recently added the Lofts at Brownwood.