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Delaware County agrees to continue process exploring Rose Rock TIF on Monkey Island; developers say they will cover legal costs
Summary
The board voted to continue exploring a proposed Tax Increment Financing district for the Rose Rock development on Monkey Island, instructing staff to form a review committee and to request an engagement letter from outside counsel; developers said legal fees would be about $35,000–$40,000 and that the county would not bear those costs.
The Delaware County Board of Commissioners voted April 14 to continue the process of considering a Tax Increment Financing district for Rose Rock, a proposed development on Monkey Island, and to take the next procedural steps to form a review committee and seek outside legal counsel.
A proposal and initial materials were presented to the board by counsel for the developer, and Colby Fuser, identified in the minutes as one of the developers, told commissioners that the legal costs to advance the TIF would be about $35,000 to $40,000 and that the developers would sell bonds to finance the project. "The legal cost will be $35,000 to $40,000, but the county will not be responsible for any cost," Fuser said in the meeting record.
Chairman David Poindexter and other commissioners emphasized that a yes vote to continue would only move the county into a review phase, not approve a TIF. Callihan confirmed with Fuser that a favorable vote at this meeting would only authorize continuing the review process; Colby Fuser and others confirmed that a public-notice process and committee review would follow before any final board action.
Poindexter noted the county already has a TIF in place related to Monkey Island and estimated it has been in place approximately 19 years; county staff said the Rose Rock submission is structured differently under a separate model. The board voted to request an engagement letter to the Center of Economic Law to assist with the review and to form a planning committee to study the legal procedures required.
The motion to continue TIF proceedings was made and seconded as recorded in the minutes; subsequent procedural steps described in the meeting minutes include public notices and committee review before any formal approval could occur. No binding county financial commitment was recorded in the April 14 meeting.
