September 17, 2014

Medina
Partly sunny
60°F

Refinancing to help Medina property owners

MEDINA — Medina residents will see some savings on their property tax bills next year because Medina Schools is refinancing $45 million in debt.

District Treasurer Jim Hudson said refinancing the $45 million in bonds will save Medina taxpayers about $245,000 a year, or $3.6 million over the course of the bond issue, which expires in 2027.

“We’re always looking at ways to enhance our services, reduce our cost and pump those dollars back into the classroom when possible,” Hudson said.

He said the savings will translate to about a $6.50 a year decrease on a property tax bill for the owner of a $100,000 home.

The savings will go to taxpayers and cannot be used for operating money, Hudson said.

The debt was incurred for a 2008 remodeling project for Medina High School and the construction of H.G. Blake Elementary School in Montville Township.

Hudson said at Tuesday’s school board meeting that he expects the bonds will be sold this week.

The school district has maintained its credit rating of Aa2 from Moody’s Investors Service, and is taking advantage of low interest rates, Hudson said.

Also Tuesday, the board approved placing a 5.9-mill levy on May ballot. If approved, it would cost the owner of a $100,000 home about $181 a year.

Contact reporter Kiera Manion-Fischer at (330) 721-4049 or kfischer@medina-gazette.com.