The Harlingen Economic Development Corp. is exploring the refinancing of its Bass Pro Shops bonds and could gain an extra $400,000 annually with a better deal. The HEDC board heard a presentation this week from Anne Burger Entrekin, regional managing director at Hilltop Securities, on possible savings by refinancing what originally was a pair of sales tax revenue bonds totaling $31 million issued in 2010 to lure Bass Pro Shops to Harlingen.
A decade on, the city still owes $25 million on the 20-year bonds. But in the bond market, every 10 years the terms of a bond can be renegotiated if a city sees there is potentially a better interest rate and lower payments. For the HEDC, which is the holder of the Bass Pro bonds, it could mean an annual savings of $400,000 for the remaining 10 years before the bonds’ call date.
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