A busy morning’s agenda starts with approving a new annual budget and related hotel and motel taxes. Plus a Contract with Valdosta Continuing Land Bank Authority.
Parks and Rec is negotiating a $3 million loan from Ameris Bank for improvements to Freedom Park and wants the county to guarantee its 1.25 mil tax base.
Utilities wants about $20,000 for impellers and wear rings for the pumps in the Francis Lake Lift Station and about $275,000 to improve the Land Application Site (LAS), where they spray sewer waste onto a field which they then rent out for hay production (the county does not have a wastewater treatment plant). See also WWALS blog post.
The mysterious out-of-state apartment bonds actually get an explanation this time:
The Board of Commissioners is requested to adopt the attached revised Resolution approving the issuance of bonds by a Wisconsin Public Finance Authority. A portion of the proceeds of the bonds will be used for a project located on Old Statenville Road. The project is a 204-unit multi-family affordable housing development known as Brittany Woods & Park Chase Apartments.
1150 Old Statenville Road, Parcel 0159D 014,The reason for this revised Resolution is that the borrower determined to finance all of a multi-state project with tax-exempt bonds. This necessitated a new TEFRA hearing and Resolution of the Board of Commissioners.
The requested Resolution provides the Board of Commissioners’ approval of the Authority’s issuance of the bonds is for the sole purpose of complying with certain requirements including federal tax requirements and that in no event shall the Board of Commissioners’ approval constitute an obligation on the part of the Board of Commissioners or Lowndes County.
But what’s TEFRA? Glossary of Municipal Securities Terms, Municipal Securities Rulemaking Board (MSRB):
TEFRA
Acronym for “Tax Equity and Fiscal Responsibility Act” of 1982. As a pre-condition for the exclusion from gross income for federal income tax purposes of interest on all qualified private activity bonds, TEFRA requires, among other things, that the issue be approved (a “TEFRA approval”) either by an elected official or body of elected officials of the applicable governmental entity after a public hearing (a “TEFRA hearing”) following reasonable public notice (a “TEFRA notice”) or by voter referendum of such governmental entity.
So the county is facilitating a tax break for a private developer. Who is this developer, and why are they getting this favor?
LOWNDES COUNTY BOARD OF COMMISSIONERS
PROPOSED AGENDA
WORK SESSION, MONDAY, JUNE 25, 2018, 8:30 a.m.
REGULAR SESSION, TUESDAY, JUNE 26, 2018, 5:30 p.m.
327 N. Ashley Street – 2nd Floor
- Call to Order
- Invocation
- Pledge of Allegiance to the Flag
- Minutes for Approval
- For Consideration
- Adoption of Fiscal Year 2019 Budget
Board’s PleasureDocuments:Adoption of Fiscal Year 2019 Budget.pdf
- Hotel/Motel Tax FY 2019 County Budget
1. Approve and authorize the Chairman to sign the attached County Budget Plan- Lowndes County 911 Additions and Alterations: New Consoles for the 911 Dispatchers
Approval of console purchase- Wisconsin Public Finance Authority Bond Issue
Approval of Resolution- Contract with Parks and Recreation Authority
Approval of contract- Contract with Valdosta Continuing Land Bank Authority
Approval of contractDocuments:Contract with Valdosta Continuing Land Bank Authority.pdf
- Francis Lake Lift Station Repair
Approval of purchase/repairDocuments:Francis Lake Lift Station Repair.pdf
- Bid
- LAS Storage Pond Improvements
Award the contractDocuments:LAS Storage Pond Improvements.pdf
- Reports – County Manager
- Citizens Wishing to be Heard-Please State Your Name and Address
- Adjournment
-jsq
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