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Urbana committee forwards $5.2 million taxable bond plan to finance Hotel Royer repayment
Summary
The Urbana Committee of the Whole voted to forward an ordinance authorizing up to $5.2 million in taxable general-obligation bonds to repay a previously issued interfund loan that funded a development incentive paid to the Hotel Royer.
The Urbana Committee of the Whole voted to forward for City Council approval an ordinance authorizing up to $5,200,000 in taxable general-obligation bonds to repay an interfund loan that funded a development incentive for the Hotel Royer redevelopment.
City finance staff said the incentive payment of $5.2 million was advanced from the general fund to the central Tax Increment Financing (TIF) fund in June after the developer met conditions in the development agreement. Because of terms in that agreement the city cannot issue tax-exempt debt for repayment and must issue taxable bonds,…
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