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Harrison County leaders begin process to issue $5.7 million TIF bonds for Bucky’s site
Summary
At a county meeting, officials reviewed six months of sales-tax receipts tied to a new Bucky's development, discussed structuring a $5.7 million sales-tax-backed TIF bond, authorized municipal advisors to begin the bonding process and moved into executive session for follow-up.
Harrison County officials on a recent agenda reviewed six months of sales-tax receipts from a new Bucky's development and moved to start the process of issuing tax-increment financing (TIF) bonds tied to those sales taxes.
Speaker 1 told the board, "We've received six months worth of sales tax revenue generated by the state" and that the county rebate for that six-month period was "500,000," which Speaker 1 said annualizes to about $1 million. The discussion centered on whether that level of revenue is sustainable and sufficient to support a TIF bond capped at $5.7 million.
Why it matters: County staff said the proposed bonds would be structured as revenue bonds, not county general-obligation…
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