PHOENIX – Gilbert is saving taxpayers millions of dollars by paying off the debt on the downtown University Building ahead of schedule.
The debt will be retired 20 years earlier than originally planned, saving taxpayers over $15.4 million in interest, according to town officials.
The Gilbert Town Council unanimously adopted a resolution on April 22 to pay off nearly $30 million, with about $2.3 million coming from the Debt Service Reserve Fund and approximately $27.6 million from the General Fund…