Pendleton EDC continues public hearing on developer-backed bond for Heritage Hub
The Pendleton Economic Development Commission on July 6 heard a town presentation and legal review of a developer-backed bond and economic development agreement for the Heritage Hub master plan, and continued the required public hearing to Aug. 13 to allow staff and counsel to finalize documents.
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Denise McKee, the town’s director of economic community and plan development, presented the Heritage Hub master site plan and described a developer-backed bond proposal that would be repaid from tax-increment revenues over 25 years. McKee said the bond is “little to no risk for the town of Pendleton” and that the town has negotiated changes to the developer’s terms after multiple rounds of review.
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