City approves IRB sales for Ranch House Senior Living
During the
The Resolution of Intent provided a property tax exemption for the project. The cost benefit analysis showed that the project qualifies for a 60 percent exemption, according to meeting documents.
The ordinance authorizes execution of the following bond documents relating to issuance, payment and purchase of the 2017 bonds:
--A Trust Indenture between the City and the
--A Site Lease Agreement Ranch House and the City.
--A Lease Agreement between the City and Ranch House.
--A Bond Purchase Agreement.
--A Payment In Lieu of Taxes Agreement.
--A Direct Pay Agreement between the City, Ranch House and the Trustee.
--Other documents and certificates as necessary.
"They (Ranch House officials) have confirmed with us that they will be putting
Ranch House Senior Living, located in the 2900 block of
The facility sits on 25 acres of property and is planned to be be 74,000 square feet.
"The City has no financial responsibility for repayment of any obligation under the IRB," Carson said. "Your name is on the bonds, but it is paid for by the developers.
Carson said IRB's are used quite a bit in
Commissioners on Monday also adopted an ordinance, approving bids for the General Obligation Bonds that provide financing for the addition to the
On the taxable side, there were ten bids with the lowest and winning bid coming from
The 2017 General Obligation Bond provides permanent financing for the addition to the
Commissioners also adopted a resolution declaring the boundary of the City as of
The City had three annexations in 2017, totaling 70.35 acres, bringing the area within the city limits to 7,031.55 acres or 10.99 square miles, according to
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