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St John Town EDC approves TIF bond authorizations for four development projects
Summary
The St John Town Economic Development Commission on a voice vote approved resolutions authorizing tax‑increment revenue bond issuances (developer‑purchased) for four projects — a 120,000 sq. ft. mixed‑use commercial project, a bank branch, and two residential developments — while residents raised objections about developer-paid infrastructure and zoning changes.
The St John Town Economic Development Commission voted on a series of resolutions authorizing tax‑increment revenue bonds to support four development projects, each to be repaid from taxes generated by the projects and not by other town funds.
Tom Everett, bond counsel with Barnes & Thornburg, told commissioners the largest project — identified as the SWAA commercial project and proposed by LBL Development LLC — would consist of roughly 120,000 square feet of retail, office and restaurant space and is projected to create about 60 temporary jobs and 65 permanent full‑time jobs. Everett said the town would be asked to authorize bonds up to $15,000,000 as a maximum not‑to‑exceed amount; he added the municipal advisor and town will determine actual issuance amounts and stressed that "the bonds would be payable solely from the new taxes generated by the project, and would not be, payable from any other funds or…
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