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Cabell County Commission approves first reading of Tanyard Station TID and authorizes up to $9 million in tax-increment bond reimbursement
Summary
The commission approved a first reading to create the Tanyard Station Tax Increment Development District and passed a resolution authorizing reimbursement of up to $9,000,000 in expenses or prior developer costs to be financed through tax-increment revenue bonds for the Tanyard Station Project No. 1.
The Cabell County Commission on July 14 approved a first reading to create “The County Commission of Cabell County Development District No. 2—Tanyard Station” and adopted the Tanyard Station Project No. 1 project plan, then unanimously passed a resolution authorizing reimbursement of certain expenses incurred by the county or a developer prior to issuance of tax-increment revenue bonds.
The action came after commissioners completed the order’s first reading and then approved a separate resolution that directs the county to reimburse eligible project costs and to permit issuance of not more than $9,000,000 aggregate principal of tax-increment revenue bonds (tax-exempt) to finance improvements associated with the Tanyard Station plan. Nancy Cartmill, Commissioner, moved to approve the order and the resolution; Robert L. Bailey, Commissioner, seconded both motions. Votes were unanimous.
The resolution does not itself issue bonds or set a sale date; instead it authorizes reimbursement of costs the county or developer may incur before bonds are sold and allows future issuance of tax-increment revenue bonds to finance project improvements. The documents presented to the commission include a project plan labeled “Tanyard Station Project No. 1” and an exhibit describing the district as Development District No. 2—Tanyard Station.
The commission’s action follows the procedural first reading and establishes the legal framework for future financing steps. The resolution states the bonds would be tax-exempt and have an aggregate principal limit of $9,000,000; the commission did not vote on a bond sale, specific repayment terms, or a construction schedule at the July 14 meeting.
Next steps include any additional statutory hearings or approvals required for tax-increment development districts, final readings if needed, and any bond issuance proceedings the county undertakes to finance project improvements.
