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Board OKs up to $2.9 million in TIF bonds to reimburse Lamar project infrastructure
Summary
Oxford City approved a resolution directing issuance of tax increment financing bonds not to exceed $2.9 million to reimburse a developer for infrastructure work on the Lamar project, including street, sidewalk and roundabout improvements; the county will participate and bonds would mature in 15 years.
Oxford City’s mayor and board of aldermen on May 19 approved a resolution authorizing tax increment financing (TIF) bonds for the Lamar project in an amount not to exceed $2,900,000.
Sue Fairbank presented the resolution, saying the bonds would reimburse the developer for infrastructure investments including internal streets, improvements to North Lamar, a roundabout at Molly Bar in Chickasaw, and sidewalk upgrades. Fairbank said the bonds would be repaid from the increase in tax revenues generated by the project and that the county will participate in paying the bonds. She said the bonds would be issued in one or more series, may be taxable or tax-exempt, and are expected to mature in 15 years.
The measure was moved, seconded and approved without recorded opposition. The board did not record a roll-call vote in the transcript; the motion passed by voice vote.
Why this matters: TIF bond financing lets a project’s future incremental tax revenues cover upfront infrastructure costs. Approval of the resolution allows the city to move to the next steps required to issue bonds, including working with the payment agent and deciding tax-exempt status.
The board approved the resolution during its regular meeting; no additional conditions were recorded in the meeting transcript.
