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Maryville redevelopment authority approves $33 million bond plan to fund South Side fire station, road work
Summary
The Maryville Redevelopment Authority approved Resolution 25-01 on May 27 to issue roughly $33 million in bonds tied to a tax increment financing area to buy town roads and fund a relocated South Side fire station, road repaving and improvements to Wickham Street. The vote was 3-0.
The Maryville Redevelopment Authority voted 3-0 on May 27 to approve Resolution 25-01, authorizing the authority to issue or lease bonds of roughly $33,000,000 to purchase town roads and fund construction of a relocated South Side fire station, repaving and other improvements to Wickham Street.
Bond counsel Adam Sturwald, identifying himself as representing Burns of Thorberg, said the structure is that "the redevelopment authority will lease or issue bonds for roughly 33,000,000, then you will buy roads from the town for that same 33,000,000, and then the town will then use that money for a South Side fire station, repaving of roads, and all the improvements to Wickham Street." Sturwald said the bonds would be secured by a special benefits tax and are anticipated to be paid with debt service from the town's TIF (tax increment financing) allocation area.
The resolution…
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