Bedford Redevelopment Commission approves payments for bonds during a meeting Monday

BEDFORD – The Bedford Redevelopment Commission approved the payment of $129,750 for the bonds on the Plaza Drive South project. The final payment for this bond will be on January 15, 2023.

The bonds on the Plaza Drive South project will be paid off in January 15, 2023

A total of $500,000 is left outstanding on the bond which was issued in 2015 to extend Plaza Drive south to State Road 37. An interest rate of 1.90 percent was paid on the bonds and a refund of the 2007 bonds resulted in a savings of $125,000.

The 2007 bonds were originally issued to finance the extension of Plaza Drive North ( Becky Skillman Way) from 16th Street to John William Blvd., the extension of water and sewer infrastructure to the west side of State Road 37 including an extension to Bex Addition.

The Bedford Redevelopment Commission also approved the payment on the bond for the StoneGate Arts and Education Center in the amount of $127,500. At this time no payments have been made to the principal of this bond.

The $3.55 Million bonds for the Stone Gate Arts & Education building will be paid off on February 1, 2037.

The bond issued for this project was $3.5 Million with an outstanding bond amount $3.12 Million and an interest rate of 3.25 percent. The final lease payment will be on February 1, 2037.