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Morgantown schedules May 20 hearing on Riverfront TIF extension and bond restructuring
Summary
City staff and bond counsel described a proposal to extend the Riverfront TIF District and restructure subordinate bonds to free funds for redevelopment; council set a public hearing for May 20 and authorized required notices.
MORGANTOWN, W.Va. — City officials on Tuesday asked Morgantown City Council to set a public hearing for May 20 on a proposal to amend the Riverfront Tax Increment Financing (TIF) District No. 2 and to pursue bond refinancing that city staff and counsel said could unlock additional funds for redevelopment in the Wharf/Riverfront area.
Tom Ammon, the city’s bond counsel, said the district was created in 2003 and has project plans dating to 2004; senior bonds issued in 2006 and subordinate bonds issued in 2007 remain outstanding and the subordinate bonds have received little repayment in recent years. Ammon described a statutory option, enacted in recent years, allowing districts with pre-2020 bonds to extend their life by up to 15 years as part of a restructuring.
"This goes back several years that we've been…
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