The Jefferson city council will hold public hearings at its May 26 meeting to approve a general obligation urban renewal bond issue not to exceed $3 million.
City clerk Diane Kennedy explained to the council that one bond issue would be for the TIF district in the northwest part of the city for the work done to extend water and sewer to Wild Rose Jefferson and Cobblestone Hotel, a lift station, and all associated infrastructure work, as well as work to extend sewer lines to the industrial park now owned by Greene County Development Corp on the south side of Gallup Road east of N. Elm St.
Repayment on those bonds would come through the increased property tax collected on the casino/hotel property.
The second part of the bond issue would be for $300,000 to replace money in the general fund used for the purchase of the golf course. Repayment on those bonds would be incorporated into the debt schedule and would not raise the city’s debt service levy. The debt service levy will stay level.
The two issues together will not total more than $3 million. Bids on the bond issue would be opened at the council’s June 9 meeting.
