Total of 360,045 square feet of mixed-use development including approximately:
286,587 square feet of space occupied by national big-box retailers
24,182 square feet of restaurant space occupied by national chains
1,770 available parking spaces
534 residential units:
180+ currently completed
354 currently being constructed, planned for completion by 2025
Previously a defunct chemical industrial brownfield site.
Project Financing
Series A and B bonds issued in 2009 in the amount of $18,726,295.
Taxable 20-year term bonds used to:
make a loan to finance the costs of sewer and stormwater infrastructure, fund capitalized interest, pay all costs and fees associated with the issuance of the bonds, and
make a loan to finance a portion of the costs of the drinking water infrastructure in the project area.
Repayment Structure
Project area received a tax abatement pursuant to the Long Term Tax Exemption Law.
Bonds are repaid via Payments in Lieu of Taxes “PILOT” in the form of the Annual Service Charge collected on property in the project area.
Annual Service Charge = Base Annual Service Charge plus Additional Annual Service Charge
Base Annual Service Charge – Represents the amount to be collected at least equal to the otherwise applicable tax in the last full tax year prior to the Financial Agreement execution.
Additional Annual Service Charge – Represents the service charge to be collected if amounts from the base annual service charge are not sufficient to pay debt service, interest, and administrative expenses on the bonds pursuant to a formula in the Financial Agreement.
Service charges are calculated for each calendar year effective January 1, divided into quarterly payments due and payable.
Trustee makes debt service payments with PILOT revenues received and distributes County Share (equal to 5% of Annual Service Charge) quarterly.
MuniCap, Inc.