EDC hearing explains developer-owned bonds, 80/20 TIF split and county revenue projections
Bond counsel and the developer told the commission the bonds would be developer-owned, function like a rebate of incremental taxes, be sized as a not-to-exceed $11,000,000 par amount over 25 years, and that the county could receive roughly $2.7 million total and about $111,000 annually starting 2031 from its 20% share of TIF increments.
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Bond counsel Cam Starnes explained the EDC's role and the legal mechanics the commission would consider if it approves the bond resolution: hold a public hearing, authorize a bond resolution and document the issuance subject to county council approval. "Per Indiana law, you will be the the issuer of those bonds," Starnes said, emphasizing the EDC's procedural position.
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