The Upper Pine River Fire Protection District has refinanced some of its bond debt because of a mill-levy increase voters approved in November.

The refinancing will save the district $235,000 over 10 years, or about $25,000 per year, which is almost the salary of one firefighter, said Bruce Evans, chief of Upper Pine.

District residents will see a slight decrease in their property taxes in a year or two, he said.

“It won’t be much, but it will be something,” he said.

But that is after voters narrowly approved a 5.96 mill levy increase last year, which amounts to about $136 more per year for the owner of a $250,000 home. The vote was 52 percent to 48 percent and passed by just 146 votes.

The money will help offset a shortfall from natural-gas revenue and a decline in property values, including an 18 to 20 percent decrease in property valuations in the Forest Lakes subdivision, which makes up about 40 percent of the district’s assessed valuation, Evans said.

The bond reduction was made possible because of the cash infusion.

The bond debt was acquired in 2006 or 2007 when the district purchased equipment to lower the insurance rating throughout the district, which reduces residents’ fire insurance costs.

The bonds were issued through Wells Fargo, which offered the refinancing opportunity.

“Really, what this comes down to is a good banking relationship with Wells Fargo and the fire department,” Evans said.

shane@durangoherald.com