At the City Council Finance Committee meeting of Tuesday, April 18th, 2006, the bond counselor for Penn Square Partners, Mr. Paul A. Lundeen of Rhoads & Sinon LLP from Harrisburg, PA, announced that the TIF-funded construction loan, in his opinion, would be free from Federal taxes. In spite of a reduction in the anticipated TIF revenues from $1.1 million to $1 million, this would mean that $14 million in bonds could be issued, instead of the originally planned $12 million. This means that the City Council ordinance passed last year guaranteeing the $12 million bond must be repealed and replaced. Mr. Lundeen handed City Council a completed ordinance, which was quickly voted to be sent to the full City Council with a recommendation for approval.
The links on this page are to .pdf files of each page of this ordinance, and its attachments.
Click on link to read (.pdf files require Adobe Reader)
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Entire Ordinance including exhibits Entire Guaranty Agreement Ordinance providing for guarantee of $14 million bond by the taxpayers of the City of Lancaster Exhibit A: Debt Service Exhibit B: Project Cost and Funding Estimates by High Associates, Ltd. |
"Guaranty Agreement: between the "City of Lancaster" and the "Redevelopment Authority of the City of Lancaster"
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