• PUBLIC HEARING ON APPLICATION ...

PUBLIC HEARING ON APPLICATION REGARDING CREATION OF FAYETTE COUNTY DEVELOPMENT DISTRICT NO. 1 (WOLF CREEK BUSINESS PARK), APPROVAL OF PROJECT PLAN AND ISSUANCE OF TAX INCREMENT FINANCING OBLIGATIONS A public hearing will be held at a meeting of The County Commission of Fayette County, West Virginia (the "County Commission"), on October 20, 2017, at 11:00 a.m. in the County Commission meeting room at the Fayette County Courthouse, located at 100 Court Street, Fayetteville, West Virginia, and at such hearing any person interested may appear and present comments, protests, suggestions and otherwise express their views with respect to an application regarding the creation of a development district to be designated as "Fayette County Development District No. 1 (Wolf Creek Business Park)" (the "TIF District") in Fayette County, West Virginia, approval of "Infrastructure Project No. 1" (the "Project Plan") and the financing of certain projects described in the Project Plan for the TIF District. All comments, protests, suggestions and views shall be heard at such public hearing, and the County Commission shall thereafter take such actions as it shall deem proper in the premises regarding the approval of the application to create the TIF District and for approval of the Project Plan. The following is a brief summary of such matters. Creation of TIF District The proposed TIF District is comprised of a number of contiguous parcels of real property located generally southeast of U.S. Route 19 and Court Street, situate in Fayette County, West Virginia, which parcels comprise the entirety of the Wolf Creek Business Park (the "Business Park"). A map of the proposed TIF District is set forth below. Approval of Project Plan The Fayette County Urban Renewal Authority (the "Developer") proposes to serve as developer for the design, acquisition, construction and equipping of certain additions, betterments and improvements located in, or for the benefit of, the TIF District, including, without limitation, earthwork, roads, paving, curbing, sidewalks, water lines, sanitary sewer lines, stormwater facilities, natural gas lines, electric lines, telephone lines, cable lines, data transmission lines and other related infrastructure and utility improvements as permitted by the Act (collectively, the "TIF Project"), all in order to facilitate Development within the TIF District. Tax Increment Financing Obligations To finance all or a portion of the costs of the TIF Project the County Commission may issue tax increment revenue bonds in an amount not to exceed $3,000,000 with maturities not to exceed thirty (30) years from the date of the creation of the TIF District (the "TIF Obligations"). Such TIF Obligations may be issued from time to time in one or more series. Proceeds of the TIF Obligations may be used, among other things, for (i) paying costs of design, acquisition, construction and equipping of the TIF Project; (ii) funding debt service reserve funds for each series of the TIF Obligations; (iii) funding capitalized interest on each series of the TIF Obligations; and (iv) paying costs of issuance of the TIF Obligations and related costs. A portion, or all, of costs of the TIF Project may also be financed on a pay-as-you-go basis directly from tax increment revenues deposited in the TIF Fund. Further information regarding the proposed TIF District, the TIF Project and the TIF Obligations is on file and available for inspection at the County Clerk's office in the Fayette County Courthouse, located at 100 Court Street, Fayetteville, West Virginia. Dated: October 3, 2017. By: /s/ Kelvin E. Holliday County Clerk 10-18-WED-2-MH; 116
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PostedOctober 11, 2017