Monongalia County approves amended $21.5 million Harmony Grove TIF bonds, expands district boundary

The Monongalia County Commission on April 23 approved a resolution authorizing issuance of amended and restated tax increment revenue bonds (Series 2021B) for the Harmony Grove Phase 1 infrastructure project in the principal amount of $21,500,000 and approved an amendment to add roughly 82.11 acres to County Development District No. 5, Harmony Grove.

County bond counsel Tom Ammon, introduced at the meeting as bond counsel for the project, told commissioners the amended bonds and related closing documents “have all now been finalized and [are] ready for consideration of approval by the county.” He said the changes include extending the capitalized-interest and draw periods, funding an interest reserve at closing and leaving $6.5 million available as a second tranche for site work as project costs are incurred.

The amendment matters because it clears technical and financing steps the developer and…