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Morgantown council approves TIF application to extend riverfront redevelopment district
Summary
City Council voted 5-1 to authorize submission of a tax-increment financing (TIF) application to the West Virginia Department of Economic Development to extend and amend the Riverfront Redevelopment District No. 2 so the city can restructure subordinate bonds tied to the waterfront project.
MORGANTOWN, W.Va. — The Morgantown City Council voted 5-1 on May 20 to approve a resolution authorizing submission of a tax-increment financing application to the West Virginia Department of Economic Development that would amend the City of Morgantown Riverfront Development Redevelopment District No. 2 and extend the district’s life to enable a restructuring of outstanding debt.
Council action followed a multi-party presentation from city counsel and bond advisers explaining that a subordinate series of bonds issued for the riverfront development has fallen short of expected revenues; the proposed amendment would extend the district term and allow the city and bondholders to issue a new series of bonds and adjust repayment terms.…
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