Other public funds to be used include $8.67 million in redirected property taxes; $5.15 million from a new tax on businesses and apartments in the Cumberland Community Improvement District; $2.74 million from a new nightly hotel room fee in the district; $400,000 from a new rental car tax in unincorporated portions of the county; and $940,000 from existing hotel-motel taxes.
The $400,000 savings is part of that hotel-motel tax figure.
“We have a three-percent requirement savings criteria that we look at to see if” bonds should be refinanced, Pehrson said. “These do that, and we’ll keep the same expiration date, so we’re just going to refinance for whatever period is left.”
The Cobb Energy Center bonds will be paid off in 2029. The annual payment will be reduced to $3.3 million, from the current $3.7 million. Those amounts fluctuate over time, but the average annual savings remains $400,000.
The commission’s vote to refinance the bonds was not controversial. It was placed on the county’s consent agenda, meaning it was voted on at the same time with multiple other agenda items and without discussion.
Pehrson said the county should be ready to sell bonds for the Braves stadium in the Spring.