Council OKs economic-development revenue bond; developer backs shortfall risk
Summary
Council approved ordinance 20-26-27-CL on second and final reading to assure an Indiana taxable economic development revenue bond; county counsel’s representative said the bonds would be paid from tax increment generated by the project and that the developer would cover any shortfall.
The Tippecanoe County Council passed ordinance 20-26-27-CL on second and final reading, approving county assurance for an Indiana taxable economic development revenue bond tied to a private development project.
Jason Simmer, representing the developer with Victor Tilly, told the council: "The bonds are payable strictly from the tax increment generated from their project," and added that if tax increment revenue is insufficient to cover principal and interest, the developer would make up the shortfall. Council members asked whether the county would shoulder any financial exposure; Simmer confirmed the bond pledge was strictly payable from project-generated tax increment.
Council approved the ordinance by roll call, 6–0, on second and final reading. The council record notes that the bond structure places repayment responsibility on the project’s tax increment and not on general county revenue.
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