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Trustees approve TIF-backed bonds to finance WPX headquarters; authority not on the hook for debt
Summary
Tayo trustees authorized issuing up to $8 million in tax-increment financing (TIF) bonds for WPX headquarters in TIF District 15 and approved a related amendment to the development finance agreement to enable the bond transaction.
Trustees for Tayo voted to authorize the issuance of bonds not to exceed $8,000,000 to fund an economic incentive tied to TIF District Number 15, which will finance the WPX headquarters building.
Warner John Weidman, acting as bond counsel, told trustees the resolution authorizes incurrence of indebtedness to fund the construction behind the boardroom and described how the obligation works: “Tayo’s obligation is only to collect the TIF increment and transfer it to the…
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