The Kansas City Royals are on a roll, and Jackson County taxpayers can celebrate a bit as well.
The county will save about $32 million by refinancing up to $360 million in bonds that were first issued in 2006 for renovations at the Truman Sports Complex.
“This couldn’t come at a better time,” Jackson County Executive Mike Sanders said Tuesday. “This is another win for the Truman Sports Complex.”
Sanders said Jackson County had a chance to refinance the 2006 bonds beginning about four weeks ago. At that time, the county could have saved about $22 million. But interest rates have dropped and the county was able to lock in a rate of 3.1 percent. The interest rate for the initial bond issuance was 4.8 percent.
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The refinancing was helped by the county’s favorable bond rating. In 2011, after the recession, the Moody’s credit rating agency improved Jackson County’s credit rating from AA3 to AA2. With this latest refinancing just completed, Sanders said, Moody’s affirmed the AA2 rating. The bonds are scheduled to be paid off in 2031.
The money doesn’t flow back to the county but goes toward keeping the stadiums in good condition.
“This will ensure that we can properly maintain these taxpayer assets and give our teams the support they need to remain competitive,” Sanders said.