Spartanburg expects to save about $60,000 a year by refinancing $16.7 million in tax increment bonds for the St. John-Daniel Morgan Redevelopment Project and special obligation bonds for the Renaissance Park Project, city council was told Monday night.
Passed on first reading, the complex refinancing package would take advantage of favorable interest rates, Chris Story, assistant city manager, told the council. The exact amount of the savings will not be known until after the bonds are issued and the interest rate is set.
Passing at second reading was an ordinance authorizing the issuance of bonds not to exceed $10 million to fund closing of the Arkwright Dump. Council also passed a resolution authorizing the purchase of 5.8 acres of land along a strip at the north side of the old landfill as a buffer zone.
City Manager Ed Memmott said the purchase price has yet to be finalized and some negotiations are still under way for one small portion of the property. The land is located along one edge of an old fertilizer factory.
Also passing council was a resolution supporting issuance of bonds not to exceed $30 million in economic revenue bonds for construction of dorms and other work at Wofford College. The resolution was needed because the scope of the project had been slightly expanded. A council resolution in support of the project was needed to meet the requirements of state law.
The city is under no obligation to repay the bonds in the event of a default.
Also passing at second reading was an ordinance authorizing city officials to immobilize cars whose owners had accumulated five or more outstanding parking tickets.
Under the terms of the ordinance, violators who have not paid their tickets within 15 days of notification would be subject to booting, or immobilizing the vehicle with a locking device on a wheel. The fee for booting would be $100 and fines would double for each violation if left unpaid 30 days after the court date.
Exceptions to the doubling provision would be for parking in a handicapped space ($500) and parking in a fire lane ($100). Those fines are set by state law.
Owners of booted vehicles would have to pay the entire amount of the fines before they could get their vehicle back.
Spartanburg City Council next meets in chambers at City Hall on Oct. 11 at 5:30 p.m.