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REAL ESTATE: Refinanced bond for RCCD to trim district property taxes

REAL ESTATE: Refinanced bond for RCCD to trim district property taxes

The Riverside Community College District has refinanced a portion of its 2004 general obligation bonds, a move that will trim more than $ 4.1 million from property tax bills within the district through 2032.

With home values going up, the RCCD bond obligation decrease could help offset rising 2015-16 property tax bills.

Refinancing cut the average interest rate on the bonds to 3.7 percent from 5 percent, shaving more than $ 4.1 million across the district over a 17-year period. In May 2014, the district refinanced a portion of the Measure C bonds issued in 2004, 2005 and 2007 to pare more than $ 5 million through 2029 and trim the amount of property owners chip in to pay the bonds.

The 30-year bonds have since 2004 funded $ 350 million in construction projects and instructional equipment at Moreno Valley, Norco and Riverside city colleges to advance student education and services, and train students for career placement and advancement.


Saving money on property taxes isn’t the only thing on the minds of homeowners.

California’s drought is on everyone’s mind, and what property owners are doing to reduce water consumption.

The home building industry is focused on the subject too. Last week the Baldy View Chapter of the Building Industry Association of Southern California gathered at Double Tree Hotel in Ontario to talk about those issues and more.

Carlos Rodriguez, CEO of the chapter, said 300 people signed up to attend the housing policy conference that focused on water issues, construction and the economic benefits of housing in San Bernardino County.


News on the homebuilding front took an interesting turn when California-based Standard Pacific Corp. and The Ryland Group Inc. revealed plans to merge.

By their account, a merger would create one $ 5.2 billion homebuilding company with 74,000 home sites and a diverse footprint in 41 metro areas across 17 states.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate