Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Commission approves TIF-based economic plan for Vesper Village to fund roads, sidewalks and traffic improvements
Summary
The Robertson County Commission approved a tax-increment-financing (TIF) economic-impact plan enabling up to $27.5 million (plus interest) in infrastructure reimbursements for the Vesper Village project, after a lengthy presentation from the developer team and public Q&A.
The Robertson County Commission voted to adopt a resolution authorizing the economic-impact plan for Vesper Village, a large mixed-use development that the developer says will be supported by tax-increment financing. Madison Haynes, an attorney representing the developer, told the commission the TIF would allow use of future property-tax growth from the project to reimburse construction of public infrastructure including a new road, turning lanes, sidewalks, street lights and traffic signals.
"This project is a tax increment financing that, you know, there's a few in Robertson County already," Madison Haynes said, explaining the mechanics and schedule for the plan and answering commissioners’ questions. Haynes told the commission the developer would carry performance bonds and that the county would not pay the developer until required segments of the road were completed and bonded.
The presentation said the developer’s plan would finance roughly $27,500,000 plus interest for infrastructure and estimated the project’s total property-tax revenue over the initial program period at about $94,600,000 (up from a present base of $42,609). The TIF structure described in the presentation earmarks base taxes to remain with the county, dedicates a portion to debt service (stated at 12.2% in the presentation), allocates 32.8% to schools, and splits the remaining incremental revenue 70% to the developer and 30% to the county.
Commissioners pressed the team on timing, guarantees for commercial development, and risk to the county. The developer team said the financing is non-recourse to the county and the city, that the developer takes the financing risk, and that the TIF’s phasing will let the developer add parcels to the district over time so the 20-year clock begins when a parcel joins the program. "So if the material never materializes like we think it will in these projections, then there's no risk," Haynes said.
After extended discussion and public comments, the commission approved the resolution (Resolution 121525110) by voice vote. The commission’s vote record reflected the motion carried (tally announced at the meeting: 17 yes, 4 no, 5 absent). The developer and city will proceed with administrative steps and the performance-bond requirements described during the presentation.
