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Danbury examines opportunity to refinance Richter Park Authority loans

Danbury is looking to save the Richter Park Authority money while also making some money for taxpayers.  Richter Park Authority currently has several loans at what Mayor Mark Boughton considers high interest rates given what the climate is today.

 

Danbury is being asked to provide a low interest loan to the Authority.  The loan would have to be repaid within 15 years.  Danbury would then collect 2.5 percent interest for taxpayers. 

 

Danbury's Finance Director says the Authority would improve their cash flow, reduce annual debt service cost and put more money in their operating budget based on savings from the lower interest rate. 

 

Richter Park has hiking, a golf course and a visual arts program.

 

A committee of the City Council is examining the issue.

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