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Maryville council advances $33 million redevelopment bond package for fire station and street projects
Summary
Council approved first readings and a related resolution advancing a $33 million redevelopment authority bond package that officials said will fund a south-side fire station, Whitcomb Street improvements and other local projects; tax increment financing is cited as the primary source for debt service.
On June 10 the Town Council of Maryville advanced a redevelopment financing package through first reading and approved a related resolution that bond counsel described as a structure that will allow the redevelopment authority to issue up to $33,000,000 in bonds.
Bond counsel Adam Sturwold (Burns & Thornburg) told the council the financing will be a lease/lease-financing arrangement paid from tax increment financing (TIF) revenues with a property-tax backup…
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