Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Board approves Oxford Commons TIF bonds and moves forward Lamar TIF interlocal agreement
Summary
The board authorized issuing up to $7.18 million in remaining tax‑increment financing (TIF) bonds for Oxford Commons and approved an interlocal cooperation agreement with the county to support a Lamar project TIF (up to $2.9 million); city staff said TIF debt is repaid from project tax increments, not the general fund.
City staff briefed the board on two tax‑increment financing items tied to large development projects and the board approved both measures.
Sue Fairbank explained the Oxford Commons TIF history: the board previously authorized up to $11 million and issued a first phase in 2019 of $3.82 million to pay for infrastructure such as roundabouts. Fairbank said a significant portion of Oxford Commons has been completed and the developer requested issuance of the remaining bonds; the staff asked for approval of a bond resolution authorizing issuance in an amount not to exceed $7,180,000 and naming Raymond James as placement agent. "These bonds will be paid from the increases in taxes from the project," Fairbank said, stressing the debt service is covered by project tax increments rather than the city's general fund. The board moved and approved the resolution by voice vote.
Fairbank then described an additional TIF for the Lamar project (approved in 2021) and requested approval of an interlocal cooperation agreement with the county so the county can pledge a portion of taxes and the city can be in position to issue bonds when the developer requests them. The board moved, seconded and approved that interlocal agreement.
Board members asked historical and procedural clarifying questions about prior bond phases, which year the project originated (2018) and the mechanics by which bond amounts are calculated (75% of new taxes). Both items were approved by voice vote.
The approvals permit the city and county to proceed with private placements and interlocal cooperation needed for issuance; staff noted the projects will be paid from incremental tax revenues generated by the developments.
