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St. John council approves TIF-backed revenue bonds for Jewel/Alchemist project
Summary
The Town Council adopted Ordinance 18-64 on second reading, authorizing economic development revenue bonds payable from tax-increment generated by the Jewel/Alchemist site; presenters said the town bears no obligation if incremental revenues fall short.
The Town of St. John Town Council on April 23 approved Ordinance 18-64 on second reading, authorizing the town to issue economic development revenue bonds to help fund the Jewel/Alchemist commercial redevelopment in the St. John Economic Development Area 1.
Town attorney Tom Everett of Barnes & Thornburg told the council the bonds “would be payable solely from the incremental tax revenues from the project.” He said the base assessed value and existing taxes would continue to flow to the overlapping taxing units and “no other funds or taxing authority of the…
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