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Ogden RDA approves bond parameters for Forest Service Building purchase; council sets March 18 public hearing on sales-tax pledge
Summary
The Ogden Redevelopment Agency adopted parameters for a tax-increment revenue bond to purchase the Forest Service Building and the City Council set a public hearing for March 18 on a proposed interlocal pledge agreement that would allow the city to backstop the RDA bond with sales tax if needed.
The Ogden Redevelopment Agency (RDA) voted Feb. 18 to approve parameters for a tax-increment revenue bond to acquire the Forest Service Building, while the Ogden City Council set a public hearing for March 18 on a proposed interlocal pledge agreement that would allow the city to pledge sales tax as a backstop for the bond.
Laura Lewis, who presented the financing proposal, told the council and RDA that the RDA will issue bonds to buy the federal property and that a city pledge of sales tax would make the debt more marketable and lower borrowing costs. Lewis outlined parameters included in the RDA resolution: a maximum principal not to exceed $44,400,000; maximum term of…
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