St. Louis Will Refinance America's Center to Save Money

St. Louis, MO – The city of St. Louis is using lower interest rates to help address its budget crunch.

Comptroller Darlene Green announced Thursday a refinancing plan for the America's Center.

Green says the city will save more than $9 million by paying lower interest rates which she says will help during budget talks.

Now these citywide cuts can be less severe," Green said. "The city employees should be happy that there's more money available for next year's budget to curb any city services or layoffs, she added.

The deal allows the city to pay the loans at less than 4 percent down from almost six percent on some borrowing. But the city still faces a $30 million deficit for the budget year that begins in July.