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City of Nampa

Posted on: March 5, 2020

Nampa Development Corporation saves $4,859,087 by refinancing bonds

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The Nampa Development Corporation (NDC) board of commissioners closed on a refinance of the 2010 and 2013 bonds on Friday, February 28 with Zions Bank. The refinance created a savings of $4,859,087 in payments and interest on the bonds that funded the construction of the Nampa Public Library and the Hugh Nichols Public Safety Building.

The refinance also allows for more flexibility for NDC to pay off the bonds without penalties. NDC board commissioners were determined to pay down the existing debt as quickly as possible. “NDC has been setting aside funds waiting for a drop in rates and the right timing to accomplish this refinance. This is really beneficial for the Nampa taxpayers,” said David Bills Chairman of the Nampa Development Corporation. Bills went on to say, “We are very grateful for Piper Sandler & Co., Skinner Fawcett LLP and Zions Bank for the expedient work to make the March 1 prepayment date.”  

The NDC was established in 2006 to oversee the development of multiple public and public/private projects within the downtown area and within the Nampa industrial area. More information about NDC can be found online at https://cityofnampa.us/857/Nampa-Development-Corporation.

 

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