Published: 23 November 2011 06:25 PM

The Yucaipa City Council has agreed to refinance bonds that paid for flood control improvements in the Chapman Heights housing and commercial development.

The reduced interest rate likely will save 1,900 property owners hundreds of dollars a year in property taxes over the next three years, City Manager Ray Casey said, and a modest savings after that until the bonds are paid off in 2030.

Given the state of the economy, he said, “the council wanted to front-load” the savings so homeowners would get the greatest benefit immediately.

In a written report to the council last week, the city’s director of administrative services, Greg Franklin, estimated that the owner of a single-family home ranging in size from 1,900 to 2,750 square feet would save $220 to $250 for each of the first three years.

Yucaipa formed a community facilities district in 1998 to finance public improvements in Chapman Heights and sold $30 million in bonds the following year.

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