City of Rock Hill - File #: 09-0282

• File #: 09-0282
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 8/26/2009
• In control: City Council
• On agenda: 9/28/2009
• Final action: 10/12/2009
• Title: A First Supplemental Ordinance providing for the issuance and sale of a not exceeding $10,500,000 Tax Increment Bond (Red River Redevelopment Projects) Series 2009, of the City of Rock Hill, South Carolina; prescribing the form and details of such bond; authorizing the Mayor and the City Manager of the City to determine certain matters relating to the bond; providing for the pledge of Combined Utility System Revenues and assessments for the payment of the bond; providing for the payment of the bond and the disposition of the proceeds thereof; and other matters relating thereto.

Date	Ver.	Action By	Action	Result
10/12/2009	1	City Council
9/28/2009	1	City Council

Title

A First Supplemental Ordinance providing for the issuance and sale of a not exceeding $10,500,000 Tax Increment Bond (Red River Redevelopment Projects) Series 2009, of the City of Rock Hill, South Carolina; prescribing the form and details of such bond; authorizing the Mayor and the City Manager of the City to determine certain matters relating to the bond; providing for the pledge of Combined Utility System Revenues and assessments for the payment of the bond; providing for the payment of the bond and the disposition of the proceeds thereof; and other matters relating thereto. 

Body

This ordinance provides for TIF/MID financing in the amount of $10,500,000 for public purpose projects at Riverwalk.  The financing is a component of the Financing Plan for the Riverwalk Development that was approved by the City Council on August 24 and provides funding for the construction of collector roads, improvements to existing roads (Cherry Rd. and Celriver Rd.), and certain public amenities.  The funds will also provide for the funding of a Debt Service Reserve Fund and the cost of the issuance of the Bonds.