Director of the Albany-Dougherty Inner City Authority, Aaron Blair, asked permission from the city commission to move forward with refinancing its six million dollar bond from 2009.
Andrew Tritt with Merchant Capital, LLC says interest rates have dropped even lower and now is a good time for refinancing.
They believe rates are around four percent, which would save the city $700,000 over the next ten years, but they must wait until the commission approves the measure at their next meeting before locking in rates.
"The interest rate market fluctuates up and down, and so until we lock in the rate, knowing the savings or the final rate won't be known until then," says Tritt.
City commissioners meet again Wednesday, January 25 at 8 pm.