Roanoke Rapids City Council tonight moved forward with the refinancing of two USDA loans but refinancing the bond issue on the former Roanoke Rapids Theatre will take more study.

In separate motions and with Councilman Carl Ferebee absent, council in separate resolutions approved the refinancing of fire station number 2 and the Neighborhood Resource Center on Jackson Street.

Refinancing the fire station loan will save the city more than $500,000, city Finance Director MeLinda Hite told council at its evening meeting.

The city would cut seven years off the term of the loan.

The city, Hite said, will save more than $18,000 by cutting the term of Neighborhood Resource Center from 11 years to 8 years.

There are no out of pocket expenses for the city on either of these loans, she said.

Mayor Emery Doughtie said following the meeting more study is needed before refinancing the theater loan. “I want to do it if it’s beneficial. I don’t want to take on any more variables that we don’t understand. It needs more due diligence.”

City Manager Joseph Scherer said afterwards, “We’re still talking with financial experts to figure out the procedures and what we need to do next.”

Scherer was pleased with the USDA refinancing plan. “It’s saving time and money.”