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Industrial Development Board approves up to $17 million in bonds for Rivergate Mall redevelopment
Summary
The Industrial Development Board approved a final bond resolution authorizing up to $17 million in tax-increment capital-appreciation bonds (appreciating to $22 million) to support the Rivergate Mall redevelopment; developer Kate Girasch said the team expects a February closing and construction to begin shortly after.
The Industrial Development Board on Jan. 7 approved a final bond resolution authorizing the issuance of tax-increment, capital-appreciation bonds to fund part of the Rivergate Mall redevelopment project.
Chair read the consolidated motion, which authorizes a first amendment to the Rivergate Mall economic impact plan and the issuance, sale and delivery of the board's tax-increment revenue convertible capital-appreciation bonds (Rivergate Mall project, series 2026) in an aggregate principal amount not to exceed $17,000,000 in value at issuance — appreciating to a principal amount of $22,000,000 at the end of the accrual period. The motion was moved and seconded, votes were cast in favor and the motion carried; the chair recorded an abstention.
Developer Kate Girasch,…
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