City of Rock Hill - File #: 09-0279

• File #: 09-0279
• 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: An ordinance authorizing the issuance and sale of tax increment bonds (Red River Redevelopment Projects) of the City of Rock Hill, South Carolina, prescribing the form of bonds; providing for the payment of the bonds from the sources provided herein; creating certain funds and providing for payments into such funds; and making other covenants and agreements in connection with the foregoing.

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

Title

An ordinance authorizing the issuance and sale of tax increment bonds (Red River Redevelopment Projects) of the City of Rock Hill, South Carolina, prescribing the form of bonds; providing for the payment of the bonds from the sources provided herein; creating certain funds and providing for payments into such funds; and making other covenants and agreements in connection with the foregoing. 

Body

The City Council has previously taken action that preceded this ordinance including the establishment of the Red River TIF District, approval of the Municipal Improvement District, and Financing Agreement, among other items, for the Riverwalk Project. 

This ordinance provides the general provisions under which bonds will be issued to finance certain aspects of the Riverwalk project.  These bonds represent the City's TIF/MID Bonds to be supported by Red River TIF District Surplus funds and backed by MID Assessments.  The funding will provide for horizontal infrastructure and public amenities at Riverwalk.