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Christian County authorizes letter of credit for County Plaza infrastructure; IGA amendment with Ozark approved
Summary
The Christian County Commission approved an amendment to an intergovernmental agreement with the City of Ozark and authorized issuance of a county-backed irrevocable letter of credit to secure public infrastructure for the County Plaza development; commissioners asked staff to report taxpayer costs and to expedite closing of two lots in April.
The Christian County Commission on March 27 approved an amendment to the intergovernmental agreement (IGA) with the City of Ozark and authorized the county to provide an irrevocable letter of credit to secure public infrastructure for the County Plaza development.
Todd, the countys resource management director, told the commission the City of Ozark unanimously approved a proposed IGA amendment at a recent city council meeting and returned the amendment to the county for approval and signature. The amendment clarifies terms of the December 18 IGA and creates a requirement that the county provide an irrevocable letter of credit to secure public infrastructure not yet completed for the countys project.
Todd said the city is requesting an amount equal to 30% over the schedule of values for the remaining infrastructure. Todd provided figures on the record but the transcript contains inconsistent numeric values (see clarifying details). Todd said the immediate purpose is to allow the county to close on two lots in the 40-acre County Plaza development; he said the first lots closing is scheduled in April and the second lot may close on April 8.
An Ozark Bank representative described typical market terms and fees and said the county historically pays about a 2% fee for a one-year letter of credit; he said the city is seeking an 18-month maturity on the letter of credit. Commissioners expressed concern about the cost to taxpayers and asked Todd to provide exact fee and cost figures. Presiding Commissioner Glenn Morris said staff should keep the commission informed daily while final details are negotiated.
Commissioners moved and seconded approval of the IGA amendment and later made a separate motion to authorize issuance of the letter of credit; both motions passed by voice vote with all present commissioners saying "aye." The commission also noted that city staff and the city attorney had differing statements about whether the letter of credit itself would trigger further city plat review, and Todd said staff is coordinating with city planning staff to resolve that timing.
Commissioners said they would hold a special meeting if necessary to sign finalized documents to avoid delaying the lot closings. They instructed Todd and county staff to report the precise taxpayer cost and final terms before final execution.
