Barrow County commission chairman Danny Yearwood met with members of the Barrow County Joint Development Authority (JDA) Monday to discuss the possibility of restructuring $12.4 million in debt.
According to Yearwood, the refinancing/restructuring arrangement would result in substantial savings to the county.
“I looked at every debt we have,” Yearwood said. “I thought this was the best option we had.”
The debt in question, the series 2007 JDA bonds, funded the purchase of 253 acres of land near the airport. The land was allocated for use as an industrial park and for use by the Barrow County Airport Authority. The restructuring plan presented by Yearwood would result in an upfront cash flow relief of at least $1.8 million by deferring principal payments for three years.
“I’m trying not to raise taxes,” Yearwood said.
The JDA recommended approval for the plan and also recommended that $818,000 included in the original bond package for infrastructure be used for debt service instead.