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Developer seeks 20-year TIF for 405-unit Dixie Cup redevelopment in Wilson
Summary
Skyline Investment Group and the Northampton County IDA presented a tax-increment financing (TIF) plan to Northampton County’s finance committee for the long-stalled Dixie Cup site in Wilson, asking taxing bodies to pledge 100% of incremental taxes for 20 years to support roughly $26 million in bond proceeds toward the $185 million redevelopment.
Skyline Investment Group representatives told the Northampton County Finance Committee that they plan to convert the vacant Dixie Cup manufacturing plant in Wilson into about 405 residential apartments and are asking taxing bodies to participate in a tax-increment financing district that would dedicate 100% of the tax increment to repay bonds for 20 years.
“Redeveloping the old Dixie Cup manufacturing facility in Wilson, to provide to convert it into, 405 residential apartments,” developer counsel Jonathan Cox said. Cox said updated financing assumptions produced an estimated $26,000,000 in bond proceeds, down roughly $2,000,000 from earlier estimates because of a higher interest-rate assumption and an updated state common level ratio that lowered assessed value.
The developer’s team described a two-series bond structure in which the larger Series A issue would fund public-infrastructure-eligible work (the team estimated roughly $15,000,000 for those items) and a smaller Series B issue (approximately $5,000,000) would fund improvements that, under the…
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