Monongalia County Commission OKs paperwork to seek release of tranche 2 funds for Westridge development

Monongalia County commissioners voted May 14 to authorize execution of documentation needed to pursue release of tranche 2 funds tied to the county’s special district excise tax revenue bonds for the Westridge development.

The action directs county staff to deliver a certificate and related documents that would instruct the bond trustee to move monies from the tranche 2 accounts to project and capitalized-interest accounts, provided the developer files a tranche-release request and Municap (the financial analyst) files its report showing the tranche meets the release test.

Tom Amen explained the mechanics at the meeting. He said the 2023 A and B excise tax bonds were set up in tranches and that tranche 1 already was redeemed. He told the commission that…