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Council signs off on lease and moves forward on $40 million first tranche of redevelopment road bonds
Summary
The Johnson County Council approved a lease between the Redevelopment Authority and Redevelopment Commission and endorsed the financing plan for a first $40 million tranche of county road projects using economic development income tax revenues and a property-tax pledge as bond security.
The Johnson County Council on Aug. 11 approved a resolution authorizing a lease between the Johnson County Redevelopment Authority and the Johnson County Redevelopment Commission and reviewed the plan of finance for a tranche of road projects.
Jeff Peters, financial adviser with Peters Franklin, briefed the council on the bond structure and the changes in state law that affect how the county can secure income-tax revenue for capital projects. Peters said the county will likely need a property-tax pledge to secure the bonds even though economic development income tax receipts will be used to make…
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