With the goal of taking advantage of currently low interest rates, the taxing district responsible for construction of the Northshore Senior Center and adjacent buildings has refinanced bonds sold in 2001 for that construction.
Officials say the change will result in a savings of $168,000 over the life of the bonds.
The Northshore Parks and Recreation Service Area (NPRSA) includes Bothell, Kenmore and Woodinville — essentially mirroring the boundaries of the Northshore School District — with officials from each city along with county leaders serving as the group’s directors.
Bonds financing the Northshore Senior Center in Bothell were paid off in 2001. Under the refinancing agreement, in 2021, the service area will retire bonds sold to finance the attached Northshore Health and Wellness and Adult Day Care facility.
According to information released by the service area, the new rate taxpayers will pay for the refinanced bonds is slightly less than .015 cents per $1,000 of assessed valuation, or approximately $6 a year on a $400,000 home.
The average refinanced interest rate is 3.19 percent as opposed to the previous average of 5.16 percent.
“We continue to seek ways to be effective and efficient with taxpayer funds,” said service area board Chair and Bothell City Councilman Bill Evans. “The NPRSA chose to enter the bond market now so that taxpayer savings could be achieved while interest rates are still at generational lows and the opportunity to fix the benefits were available.”
The parks service area was formed in 1988 specifically to build the Northshore Senior Center. If called upon, the district can act to fund acquisition, construction and operation of park and recreational facilities throughout the area.
According to a press release, the board most recently studied the need for a regional aquatics facility in light of local pool closures in Bothell and Kenmore.
Again according to the release, the service area board determined there is a need for a pool facility, but directors also felt that due to the current economic climate, now is not the time to move such a project forward.
