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St. John Redevelopment Commission confirms EDA 4 and pledges TIF revenues for housing bonds
Summary
The St. John Redevelopment Commission on Jan. 22 confirmed a prior declaratory resolution establishing Economic Development Area 4 and approved a pledge of tax-increment revenues to support economic development revenue bonds for housing projects; motions passed unanimously.
The Town of St. John Redevelopment Commission on Jan. 22 confirmed a declaratory resolution establishing the St. John Economic Development Area 4 and approved pledging tax-increment revenues to repay economic development revenue bonds for housing projects, with all motions passing unanimously.
The commission opened a public hearing on Resolution 2025-0122A, which confirms the earlier declaratory resolution for Economic Development Area 4, and received no public comment before closing the hearing and voting to approve the resolution. “No. At this time there were no amendments, Mr. President,” Town Manager Billy said during the hearing.
Commission counsel Joe Svetanoff read proofs of publication into the record and said the notices were in order: “We’ve read the proofs of publication. They seem to be in order.” Following the confirmation, the commission voted 4–0 to approve Resolution 2025-01-22B, a resolution pledging certain tax-increment revenues from Economic Development Area 4 to the payment of economic development revenue bonds of the Town of St. John for certain housing projects.
Other routine business included approval of an accounts-payable voucher representing payroll, supplies, services and equipment with a combined total of $285,700, and a motion to retain Baker Tilly as the town’s financial advisor for 2025. Both motions passed 4–0.
The commission’s actions on the declaratory resolution and the pledge do not, in the meeting record, specify final bond amounts, underwriting terms or a bond issuance schedule; those details were not presented during the hearing.
Motions recorded at the meeting indicate unanimous votes where tallies were stated as 4–0. No public comments were recorded during the Redevelopment Commission hearing on EDA 4.
Looking ahead, the resolutions and the financial-advisor contract approved at the meeting position the town to move toward financing for housing projects inside Economic Development Area 4, but further steps (including specific bond-authorizing documents and sale terms) were not part of the meeting record.
