City refinances Yacht Club, approves water aerobics classes

Port Isabel-South Padre Press

During a special meeting of the city commission Wednesday, the City of Port Isabel unanimously approved the re-funding of a loan on the Yacht Club, the formation of a water aerobics class at the community pool and passed several resolutions opposing proposed state legislation.

First up was a re-funding of a variable interest Texas Leverage Loan on the historic Port Isabel Yacht Club. “It’s been going up — it was two-point-something (percent interest) when they first got the loan, it’s up to 4 percent now,” City Manager Jared Hockema explained to the commission.

As such, the Economic Development Corporation (EDC ) hired a financial adviser to explore refinancing options and were able to secure a lower interest loan at a fixed rate. “They have been able to secure a purchaser at a 3 percent fixed rate, so it’s a savings, of course, from what we’re paying right now,” Hockema said. The lower interest rate would generate a savings of more than $100,000 over the life of the loan, he said.

In other news, a suggestion from a resident ultimately spurred the Commission to approve the offering of water aerobics classes at the City’s public pool.

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