City of Rock Hill - File #: 11-0011

• File #: 11-0011
• Version: 1
• Type: Resolution
• Status: New Business Item
• File created: 2/7/2011
• In control: City Council
• On agenda: 2/14/2011
• Final action: 2/14/2011
• Title: Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina, to reimburse certain expenditures prior to the issuance by the City of its tax increment bonds or other obligations. Strategic Goal: Old Town Revitalization: Provide support to implement redevelopment plans in Old Town area.

Date	Ver.	Action By	Action	Result
2/14/2011	1	City Council

Title

Consider a Resolution relating to the Declaration of Intent by the City of Rock Hill, South Carolina, to reimburse certain expenditures prior to the issuance by the City of its tax increment bonds or other obligations.

Strategic Goal:  Old Town Revitalization: Provide support to implement redevelopment plans in Old Town area.

Body

The Reimbursement Resolution for the 2011 Textile Corridor Tax Increment Financing will allow for reimbursement to the City of $850,000 for expenses incurred as a result of the Second amendment to the Demolition, Abatement, and Purchase agreement with Action Demolition and Abatement LLC.   The funds will be reimbursed from the bond proceeds to be issued in March 2011.