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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 to aid marketability. Council members and staff discussed projected TIF receipts and timing: council members noted some current TIF bonds will retire over the next five years and that projections show increases in some TIF allocations. The council asked staff to share TIF projections with members for further review.
Redevelopment and council representatives said approximately $15,000,000 of the package is targeted for a south-side fire station. Town staff reported that Polycon Industries has agreed to donate about six acres for the new station, which council members said will materially reduce land acquisition costs. Additional bond proceeds were described as supporting Whitcomb Street improvements and local road paving.
Council approved ordinance 25-19 on first reading (appropriating the proceeds of bonds of the Maryville Redevelopment Authority) and later approved a resolution (listed as resolution 25-22) approving a lease between the redevelopment authority and the redevelopment commission; both votes were recorded in favor. Adam Sturwold said the redevelopment commission and redevelopment authority will complete public hearings and final steps before issuance.
Ending: The council advanced first readings and approved a resolution to enable the RDA to pursue the financing; staff said more detailed TIF projections and a public hearing will precede final bond issuance.
