OCEANSIDE — City Council gave its go ahead to Oceans Ranch Corporate Center to refinance its bond at a substantially lower interest rate, which saves property owners within the corporate facility district $1 million over the 20-year maturity of the bond.
The low interest rates will shave 8 percent off the $12.7 million bond.
The corporate facility district pays special property taxes, in addition to standard property taxes. The additional taxes cover the interest on two bonds, which fund infrastructure improvements within the district.
The district’s $12.3 million bond was refinanced last year.
City Council’s approval on April 30, for the district to refinance its second bond saves the district $110,000 to $372,000 a year.
Oceans Ranch Corporate Center, which sits north of Oceanside Boulevard and west of College Boulevard, is one of three Mello-Roos Districts in the city.
The district is chiefly a site for industrial, commercial and warehouse uses. There is also allowance for a housing subdivision of 349 units.
One major resident in the district is Genentech, which occupies 90 acres, and has developed 60 of the acres.
Calvary Chapel, Oceanic Business Park, and the Marriott hotel are also located within the district.
The sale and reissue of bonds will begin in May, with an anticipated closing in June.