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Monongalia County approves amended $21.5 million Harmony Grove TIF bonds and boundary update
Summary
The county commission authorized amended and restated Tax Increment Financing (TIF) bonds totaling $21.5 million for Harmony Grove Phase 1, funded a required reserve, extended the draw period and approved a related boundary amendment for Development District No. 5.
The Monongalia County Commission on April 23 approved a resolution to issue amended and restated tax increment revenue bonds totaling $21,500,000 for the Harmony Grove Phase 1 infrastructure project and approved a county development-district boundary amendment related to the same project.
Bond counsel Tom Ammon, of Steptoe Johnson, told commissioners the amendments modify terms of the county’s existing 2021B TIF bonds and formalize arrangements with the project’s lender. "These items have all now been finalized and ready for consideration of approval by the county," Ammon said, describing extensions to the capitalized interest and draw periods and a plan to fund the interest reserve at closing.
The changes…
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