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Branson aldermen approve bond authorization up to $40 million for Highway 76 CID project
Summary
The Board of Aldermen voted to authorize documents allowing the Industrial Development Authority to issue tax‑exempt bonds of up to $40 million for phases 1–2 of the Highway 76 improvement project; bond counsel outlined timing, the CID budget amendment, and next procedural steps.
The Branson Board of Aldermen voted unanimously to authorize documents that will allow the Industrial Development Authority (IDA) of Taney County to issue sales‑and‑use tax revenue bonds in an aggregate principal amount not to exceed $40,000,000 for the Highway 76 community improvement district project.
Bond counsel Sarah Granath of Gilmore & Bell told the board the IDA and CID have already approved financing steps earlier in June and that the city’s role is to enter a financing agreement and a tax‑compliance agreement. "The financing agreement commits the city to transfer CID sales tax revenues for bond payments if appropriated annually by the CID," Granath said, adding the tax‑compliance agreement protects the tax‑exempt status of the bonds.
The ordinance before the board also approves an amended CID budget that includes a line item for debt service, a step Granath said is required once preliminary pricing and debt estimates are known. She outlined the timetable for the bond market process: finalize offering documents this week, target pricing on Aug. 11, and a targeted closing on Aug. 25 — with bid openings and CID award meetings in late July to early August determining the project cost underlying the "not to exceed" amount.
Mayor and aldermen asked for the two readings tonight to keep the timing intact; the board voted to proceed with both readings and later approved the bill on final reading. Roll‑call results recorded six yes votes and no opposition. The ordinance and related documents direct staff to complete the financing documents and to return appropriate items to the board as the schedule advances.
Next steps include the IDA’s market offering, final bond pricing, and a bond closing on or about Aug. 25, after which project contracts and construction can be funded from the bond proceeds and CID budgeted revenues.
