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Timnath boards approve cooperation agreements to concentrate 2026 mill levy revenue in GID
Summary
The Timnath Development Authority and the Timnath Landings General Improvement District voted unanimously Oct. 28 to let the GID collect 100% of a proposed 2026 mill levy to fund debt service, with staff estimating a roughly $274,000 share-back to the TDA for 2026.
The Timnath Development Authority and the Timnath Landings General Improvement District voted unanimously Oct. 28 to adopt cooperation agreements under which the GID would receive 100% of a proposed 2026 mill levy and use the revenue for debt service. Town staff told board members the arrangement mirrors prior revenue-sharing approaches used with metro districts inside the TDA.
Miss Gagliardi, speaking for town staff at the TDA meeting, said the agreement “allows the GID to essentially collect 100 of the proposed mill levy that will be issued in 2026 for debt service.” She told members the estimated share-back to the TDA for 2026 is “about 274,000, thousand,” and that the amount was included in the TDA draft budget.
Board members moved and seconded the resolution at the TDA meeting and approved it by unanimous voice vote. The TDA then adjourned and the Timnath Landings GID board convened and adopted the corresponding cooperation agreement by the same unanimous voice vote.
At the GID meeting a board member asked specifically about the levy amount; a staff presenter answered “15 mills.” The GID also approved a separate resolution to appoint officers to facilitate potential debt issuance, confirming the established practice that the mayor serves as chair, the town clerk as secretary and the town finance director as treasurer; the resolution named the mayor pro tem as vice chair and the deputy town clerk as assistant secretary to ensure signatory coverage for bond documents.
Council and board members did not record individual roll-call tallies beyond the unanimous voice votes. Meeting minutes show no public comment on the two cooperation agreements.
The cooperation agreements position the GID to pledge the mill-levy revenue for debt service if the district issues bonds; staff said doing so is standard practice to make such bonds marketable. The TDA and GID approvals complete the local board actions needed for the revenue-sharing structure; further steps would depend on any future debt issuance by the GID or related bond financing.
The Timnath Development Authority and the Timnath Landings General Improvement District board meetings were held as precursors to the town council meeting on Oct. 28.
