The Transportation Improvement District will pay less interest toward a road project.
The State of Ohio has lowered the interest rate on the payment for the Northpointe Road Project. The rate will now be three percent and will save nearly $73,000 in the next year, allowing the district to make some changes.
"We’re going to apply more money to the principal and that will reduce the term of the loan" state Board Member Mike Jacoby.
This was the TID Boards last meeting for the year and they’re already looking towards 2011 and what the new governor and a state budget deficit could mean for funding.
"There’s no question that there’s going to be a lot of pain in the next state budget," said Jacoby. "I expect everyone will be feeling the results of that. I guess the good news is the state has to balance the budget."
Jacoby said he believes the local TID has done great things for the community and will anxiously await the state’s budget decision.