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Commission signals intent to consider industrial revenue bonds for Tip Top Energy Center project
Summary
Lee County commissioners passed an inducement resolution expressing intent to consider issuing industrial revenue bonds for the Tip Top Energy Center LLC project; county bond counsel clarified an inducement resolution does not obligate the county to issue bonds and outlined next procedural steps including hearings and 30-day notices to taxing entities.
Lee County's commission voted Sept. 25 to adopt an IRB inducement resolution related to the Tip Top Energy Center LLC project, setting in motion the county's formal process to consider industrial revenue bonds for the developer.
John Caldwell of the county legal department introduced the item and said the inducement resolution "declares the intent" of the county to issue IRBs for the project and described examples in the county. Bond counsel Ian Bearden told commissioners the inducement resolution is the first official action and "does not bind the county to issuing that industrial revenue bond," explaining the resolution instead authorizes public notice, a public hearing on a future bond ordinance and delivery of 30-day notice letters to taxing jurisdictions.
Developer representative Zachson (introducing himself as the project developer) said the project previously stalled because of an off-taker issue and COVID but the developer is resuming work and is prepared to answer project‑specific questions. Commissioners raised questions about which taxing entities would get notice and whether a taxing entity could legally block the issuance; bond counsel said the notice gives taxing entities an opportunity to comment but does not give them a statutory veto.
The commission moved, seconded and approved the inducement resolution by roll-call vote. Staff said future steps would include publication of notice for a public hearing and formal consideration of a bond ordinance at a later meeting; actual bonds would not be issued until after ordinance adoption and statutory waiting periods.
