By David Fleet
Goodrich- On Monday night the village council voted 4-0 to refinance the United States Department of Agriculture bond for the village office through Sparta Michigan based-ChoiceOne Bank. Council member Wendy Ciaramitaro was absent.
In March 2021, the village council voted 4-0 to consider refinancing the Rural Development Loan taken out in 2003 for the construction of the village offices. About 24 years remain on the current loan at an interest rate of 4.250 percent, the unpaid balance is about $830,000. The new interest rate will vary from beginning at 1.26 percent to 2.99 percent annually, according to information provided by ChoiceOne Bank. The first payment will be due on Nov. 1, 2021 and the note will be paid off in 2044 saving the taxpayers $240,233 over the length of the loan.
The United States Department of Agriculture had recommended possible refinancing due to lower interest rate and to pay off the loan sooner, said Sheri Wilkerson, village administrator/clerk.
“The payments will stay about the same,” said Wilkerson. “But because the interest is so low, the village will be saving.
Construction on the $1 million DPW and Goodrich administrative offices on three acres began in spring 2004. The structure is 4,400 square feet and is used to house equipment in addition to the offices.
In 2006 the village finished the lower floor of the Gordon H. Bachmann Department of Public Works building, 7338 S. State Road as the new council meeting area. Completion of the lower level allowed village boards and commissions to utilize about 1,500 square feet of space for meetings.
Prior to the opening, meetings were convened on the second floor of the Goodrich-Atlas Lyceum 10237 Hegel Road