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Council to place two bond‑abatement resolutions on the regular agenda; TIF and general fund cited as payment sources
Summary
Finance staff presented two routine resolutions to abate 2025 tax levies for GO bond debt service: $2,285,000 (2014 TIF‑backed bond) and $3,270,000 (2018 bond for the Jefferson School conversion). Staff said the TIF and other revenues will cover the obligations and the resolutions are required annually.
Finance officer Mister Conzo explained two resolutions Dec. 9 that would abate the 2025 tax levy for debt service on two general-obligation bond series. The first is a $2,285,000 GO bond (alternative revenue source series 2014) backed by a TIF district; Conzo said this is the first fiscal year the tax increment covered the full principal and interest.
The second resolution pertains to a $3,270,000 GO bond (alternative revenue source series 2018) issued to convert the former Jefferson School into the public safety complex. Conzo said the abatement is paid from the general fund for the 2018 series and that passing the resolutions annually avoids a tax levy to pay those debt-service amounts.
Both resolutions were placed on the regular agenda for the council to consider at the upcoming meeting.
