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Bond lawyer and developers present special-assessment plan to finance Collegedale housing infrastructure
Summary
At the March 2 Collegedale City Commission meeting, a public finance lawyer and developers outlined how newly revised state law and industrial development boards (IDBs) could use special-assessment districts to finance roads, sewer and other infrastructure for new housing projects, and said the tool could reduce upfront lot costs and lower home prices by roughly $18,000–$20,000.
A public finance lawyer and area developers briefed the Collegedale City Commission on March 2 about using special-assessment districts and industrial development boards (IDBs) to finance housing infrastructure under recent state-law changes.
The presenter, a public finance lawyer who said he works on tax-exempt financing for local governments, explained that the law allows a property owner or developer to petition a city to establish a special-assessment district. He told commissioners the assessments are generally used to finance public infrastructure — roads, utilities, sewer and stormwater — and the financing can be structured as long-term, tax-exempt bonds. "I'm a public finance lawyer, a bond lawyer," he said, describing how the mechanism works and why communities sometimes route issuance through an IDB so the city's name is not on…
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