The city of Columbus will save more than $300,000 by paying off bonds early that were used to fund the creation of The Cole, a downtown apartment complex.
Heather Pope, the city’s redevelopment director explained at this week’s City Council meeting that the city issued the bonds for $1.6 million in 2011 to fund part of the design, construction and other costs associated with project. The Cole includes 146 apartments and 8,000 square feet of commercial space at the corner of Second and Jackson Streets.
By paying off the remaining $939,000 early, the city will save an estimated $310,471, Pope said. The money would come from a surplus bond fund and from the city’s central-area tax increment financing district. Councilman Tim Shuffett pointed out that none of the money would be coming from the city’s general fund.
The Columbus Redevelopment Commission signed off on the plan last month, but because it requires spending more than half a million dollars, it also requires City Council approval.
Columbus City Council approved the plan unanimously this week.