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Norwood commission approves refinancing of Rockwood Exchange TIF bonds, estimates roughly $160,000 a year for schools
Summary
The Financial Planning and Supervision Commission voted unanimously to approve debt incurred for refinancing Rockwood Exchange tax-increment financing bonds; officials said the refinance should generate about $150,000–$160,000 annually for local schools for roughly 8 to 8½ years.
The Financial Planning and Supervision Commission for the City of Norwood unanimously approved refinancing debt tied to the Rockwood Exchange project bonds during a special meeting, a move officials said will produce roughly $150,000–$160,000 a year for local schools for about eight to eight-and-a-half years.
Commission members said the bonds were originally issued in February 2011 and were refinanced in February 2015; a call provision in the 2015 agreement prevented an earlier refinance. City staff and bond counsel…
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