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updated: 1/6/2014 12:52 PM

Cary Park District abates portion of tax levy

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The Cary Park District board decided last month to hold the line on taxes this year.

Growth in the Consumer Price Index will result in nearly $70,000 in additional tax dollars for the district, officials said in a news release. The park board decided to abate that portion of the tax bill.

"We are always looking at the big picture," park board President Mike Renner said. "Since the capital project program of the district will be light in the coming year, the board decided that leaving these dollars with the taxpayers was the best approach this year."

In September, the district refinanced $6,995,000 in general obligation bonds and debt certificates issued in 2003, 2004, and 2005 for land acquisitions and developments. The move resulted in savings of $759,914 due to a lower interest rate. The maturity schedule of the debt remains the same.

The savings will be realized over time and will free up additional financial resources for future reinvestment into the district, officials said.

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