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Board engages outside counsel to amend Grow Woodbury County urban renewal area for Southbridge interchange
Summary
Supervisors approved receiving an engagement letter with Allison Cooney to begin an amendment to the Grow Woodbury County urban renewal area to include the Southbridge interchange project area, enabling future use of TIF revenue to reimburse bond issuance costs.
The Woodbury County Board of Supervisors voted 5-0 to receive an engagement letter to begin amending the Grow Woodbury County urban renewal area to include the Southbridge interchange project area.
Ryan Erickson (board administration) explained the amendment would be the initial step required to authorize a project and to permit the use of TIF (tax increment financing) revenue from the Grow Woodbury County urban renewal area to reimburse bond issuance expenses. Erickson identified Allison Cooney and referenced Ehlers and/or Cooney as outside counsel typically used for bond and TIF work.
"Once we do that, there will be additional hearings and meetings required in order to authorize a project and then be able to utilize a TIF revenue ... in order to reimburse the bonds," Erickson said. The board approved receiving the engagement letter and noted staff and counsel will proceed with statute‑required notices and subsequent hearings.
No specific dollar amounts or final project approvals were recorded at this meeting; the action authorized staff to continue the statutory amendment process.
