City Council Considers Refinancing Ripken Stadium

The Aberdeen City Council is looking into lower interest rates for to reduce its $9.3 million in outstanding debt.

City Manager Doug Miller introduced the legislation to refinance the stadium's Community Development Administration loans at . 

"The debt that the city has incurred on Ripken Stadium is now 10 years old," Miller said at the meeting. "That allows us the opportunity to refinance that debt at a lower interest rate."

A public hearing to discuss the issue is set for the next City Council meeting Aug. 22. 

"We're hoping to either go to a public sale or private placement to get a better interest rate and hopefully save the community between $400,000 and $900,000 over the course of the remaining debt," Miller said.