Holden refinances police station

Posted Dec. 13, 2012, at 9:12 a.m.

HOLDEN — In times of tight municipal budgets, every little bit helps.

That’s why the town council recently signed off on a re-financed loan for the new police station.

According to Town Manager John Butts, the 1,920-square-foot police  station, which opened in 2010, originally cost $182,000, $100,000 of which was financed over 15 years, at a rate of just over 4 percent.

Then this summer, Butts recalled, town officials were mulling over ways that the town could save money. The idea of re-financing its newest structure came up.

“With interest rates going down, we decided to re-finance,” Butts explained.

After getting some estimates, the council settled on re-financing the remainder of the loan, $85,000, over seven years at 2.8 percent.

“We’ll pay it off about five years quicker, which will save us interest over the long run,” Butts said.

The new loan should be finalized by early December.

http://bangordailynews.com/2012/12/13/the-weekly/holden-refinances-police-station/ printed on September 20, 2014