The Clayton County Board of Commissioners on Thursday approved the refinancing of bonds for the Ellenwood Tax Allocation District, potentially saving the county millions.
The interest rate on the bonds fell from about 8 percent to 2.75 percent, said Detrick Stanford, Clayton’s chief operating officer. The county will save a projected $5.5 million.
“It goes a long way to helping us on capital projects in the county,” Stanford said. “It ensures that we will be able to enhance those projects.”
The Ellenwood area is one of the communities leaders are hoping to redevelop as a mixed-used magnet for retailers, businesses and homeowners. Clayton passed the Ellenwood Town Center Redevelopment Plan in 2003, which included securing a Walmart, road improvements and hundreds of new housing units.