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Maryville EDC approves bond authorization for Liberty Estates West after public hearing
Summary
The Maryville Economic Development Commission unanimously approved Resolution 25-01 authorizing steps toward developer-backed economic development revenue bonds for the Liberty Estates West project after a public hearing where town staff, a redevelopment official and the developer described the project and its community benefits.
The Maryville Economic Development Commission on February 18 voted unanimously to approve Resolution 25-01, authorizing actions and proceedings related to a proposed economic development revenue bond for the Liberty Estates West project.
The public hearing preceding the vote featured statements from Town Manager Michael Griffin, Redevelopment Commission President Sean Pettit and developer Randy Hall. Griffin described the financing as “a textbook example of no risk for the taxpayers, no liability for the taxpayers,” saying the bonds would be privately placed and supported by the developer and future tax increment in the new allocation area. Pettit and Hall described planned amenities including a donated 20-acre regional park and mixed-use commercial buildings intended to create permanent jobs.
The resolution matters because it authorizes the local steps necessary to allow developer-backed bonds to be…
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