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Lebanon EDC approves TIF-backed bond for NewCold Phase 3, cites roughly $500 million investment and 200 new jobs
Summary
The Lebanon Economic Development Commission approved a resolution recommending issuance of up to $20.5 million in taxable economic development revenue bonds payable from tax increment financing for NewCold USA Phase 3; presenters said the project represents roughly $500 million in investment and would add about 200 full‑time jobs.
The Lebanon Economic Development Commission voted to recommend that the City issue taxable economic development revenue bonds not to exceed $20,500,000 to support NewCold USA 3 PropCo LLC’s Phase 3 expansion in the city business park.
Commission members approved Resolution 20 25-1-01 after a brief public hearing and presentations from counsel and financial advisers. Catherine Fanello, public finance attorney with Dinsmore & Shohl, said the commission’s role was to review the project report and financing documents and determine whether the issuance would serve a public purpose and comply with the Economic Development Revenue Act and applicable Indiana law (Indiana Code 36-7-12). “The board’s job here is to review the project, the proposed financing…to determine whether it will result in the diversification of industry, the creation or retention of business opportunities, and the creation or…
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