In a tight economy, the Grand Rapids Downtown Development Authority
“saved” about $1.7 million by engaging in some smart financing. The
board will prioritize downtown capital projects in line for funding.
According to excerpts from the story:
GRAND RAPIDS -- The city's Downtown
Development Authority is $1.7 million richer thanks to efforts to
refinance a portion of the bond debt tied to the Van Andel Arena. DDA
Director Jay Fowler said the money came as a result of paying lower
interest on $28.4 million of newly-issued bonds. The additional funds
can be used to fund capital projects downtown. Fowler said he'll begin
reviewing the best potential uses of the funds soon.
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