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Blue Ridge council advances Blue Ridge Crossing PID plan, authorizes related bond and disclosure agreements
Summary
The Blue Ridge City Council held a public hearing on the Blue Ridge Crossing Public Improvement District (PID), heard questions about city costs and benefits, and moved to approve ordinances and contracts to enable special-assessment bonds and continuing-disclosure services for the PID.
The Blue Ridge City Council opened a public hearing on the Blue Ridge Crossing Public Improvement District and moved to approve ordinances and contracts allowing the district to levy assessments and for the city to facilitate issuance of special-assessment revenue bonds.
City staff and a PID administrator told the council the PID is intended to finance public improvements and enable annexation of property that previously would have remained outside city limits. "So that's a big portion of what the benefit is coming to the city. I believe it was almost $75,000,000 worth of estimated taxable value," a City staff member said during the hearing.
The council considered an ordinance to accept the PID service and assessment plan…
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