The Chattanooga Metropolitan YMCA went in front of the Industrial Development Board on Tuesday, asking that its $6.9 million bond for improvements be refinanced.
“We wanted to take advantage of the low interest rates,” said Rick Madison, the YMCA’s chief operating officer.
The nonprofit organization borrowed $9.4 million in bonds to help finance capital expenses in 2006, including improvements at the downtown, East Hamilton and Cleveland, Tenn., branches, according to records.
The Industrial Development Board unanimously approved allowing the refinancing. The YMCA is expected to swap its bonds with SunTrust Bank by the end of the year.
Chattanooga helped the YMCA with the refinancing, said City Attorney Mike McMahan.