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Timnath Landings GID board accepts 2024 audit showing $5 million developer/town advance liability
Summary
The Timnath Landings General Improvement District board unanimously approved a resolution accepting the district's 2024 audit from The Adams Group, which shows a negative net position driven largely by a $5 million developer and town advance liability that will be repaid when debt is issued and collected via property taxes.
The Timnath Landings General Improvement District board unanimously approved Resolution GID 03 Series 2025 accepting the district's 2024 audit performed by The Adams Group on Sept. 23.
The audit shows a negative net position of about $5,000,000, a figure staff attributed primarily to outstanding developer and town advances. Bonnie Dennis,…
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