University Place refinances Town Center bond debt

The city of University Place successfully refinanced Wednesday debt owed on its Town Center mixed-use project and Cirque Park.

Published: Nov. 14, 2012 at 12:33 p.m. PST Updated: Nov. 14, 2012 at 12:33 p.m. PST

The city of University Place successfully refinanced Wednesday debt owed on its Town Center mixed-use project and Cirque Park.

The city had to make a $12.4 million principal payment on a portion of the Town Center debt by December 2013, but the refinancing breaks that payment into installments over the next 25 years. State auditors had concluded University Place didn?t have the money to make the balloon payment.

Read more here: http://blog.thenewstribune.com/street/2012/11/14/university-place-refinances-town-center-bond-debt/

Source: http://www.thenewstribune.com/2012/11/14/2367422/university-place-refinances-town.html?storylink=rss

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