In a move officials say underscores the town’s fiscal strength, the Gilbert Town Council has authorized the early repayment of nearly $30 million in debt tied to the University Building in the Heritage District.
The decision, finalized during the April 22 council meeting, clears the remaining balance of the 2015 subordinate lien bonds — 20 years ahead of their 2045 maturity date.
Council unanimously approved Resolution No. 4554, which allows the town to defease and redeem the bonds issued to finance the University Building. According to town officials, the early repayment will save Gilbert approximately $15.4 million in future interest payments.
