Moffat County commissioners finalized the refinancing of the Moffat County Public Safety Center on Tuesday, a move they said will save the county about $470,000.
Commissioners signed off on the agreement at their regular meeting Tuesday.
In February, commissioners voted to move forward with refinancing, but it took until Tuesday for all the paperwork to be complete.
Refinancing won't save the county money immediately, Commissioner Tom Gray said. But by locking in a lower interest rate, the deal will save the county $473,000 over the life of the safety center payments.
Commissioner Darryl Steele said the refinance will allow the county to pay off the safety center faster than if they kept the same financing agreement.
The county paid for the safety center using certificates of participation, one issued in 1998 and one in 2001. The certificates are similar to bonds.
The safety center houses the Moffat County Sheriff's Office, Moffat County Jail, Colorado State Patrol and the Craig Police Department, and the dispatch center for those agencies. The facility opened in 2001.
The facility will cost the county about $20 million, including interest and telecommunications costs, when it is paid off in 2023.
The Moffat County Financial Corp., which is made of local business leaders, unanimously recommended the county refinance the Public Safety Cen--ter.
"At least we can lock in some savings," financial corporation member Dave Fleming said.
Brandon Johansson can be reached at 824-7031, ext. 213, or firstname.lastname@example.org.