Wish list for bond funds is finalized
Thursday, September 27th, 2007
By Chris Fitzsimon
What the money will actually pay for will depends on interest rate city must offer
SHARIF DURHAMS
sdurhams@charlotteobserver.com
KANNAPOLIS –
After months of debate, Kannapolis and Cabarrus County leaders have whittled down a list of projects to contribute to the North Carolina Research Campus.
But bond investors will have ultimate say over what road improvements, water lines, parking decks and other projects will be financed through tax dollars generated by the research campus.
Kannapolis would issue the tax increment financing bonds, though new county and city taxes from the research campus area would help pay them back. If Kannapolis has to offer a higher interest rate than anticipated to lure investors, the city and county will have less money for projects.
"The bond market has not been kind to us" during the past year, Kannapolis City Manager Mike Legg said.
In a joint meeting Monday, the county commissioners agreed on a list of projects that would get the first priority to be funded with the $168.4 million in tax increment financing bonds the city plans to sell. (more…)
Last 5 posts in Daily News
- For College-Bound, New Barriers to Entry - December 3rd, 2008
- Where’s Mike? Easley’s ’business trip’ is a mystery - December 3rd, 2008
- Taylor hosting annual Christmas dinner - December 3rd, 2008
- Rookies get their General Assembly bearings - December 3rd, 2008
- Mental hospital deemed unsafe - December 3rd, 2008
Email This Post
Print This Post
