The Stuart City Council refinanced their bond agreements and discussed their valuation increase at their special meeting held earlier this week.

The refinancing agreement included taking on $400,000 for police department funding and refinancing existing debt for a total of about $6.29 million. Financial Advisor Chip Schultz said the current interest rate of 3.25% on their existing bonds is expected to decrease to around 2.5%, which will be finalized by their next regular meeting. This is expected to bring about $200,000 in savings that the Council could use for operational expenses or to pay off tax increment financing debt.

Schultz also presented the Council with figures on this fiscal year’s valuation compared to a decade ago. For 100% valuation, the City has increased by about $35.9 million or 43% to about $119.2 million total. The City’s tax levy also decreased from $20.72 per $1,000 in fiscal year 2015 to $16.29 in this fiscal year. Schultz also noted the City’s population growth from 1,522 in 1990, to 1,648 in 2010, and to an estimate of 1,800 in 2020, which excludes growth from the Wambold second housing addition and the upcoming All Saints Addition. Council member Bryan Belden thanked the Stuart Enterprise for Economic Development and other stakeholders for their work in helping spur this population growth.