PUBLIC HEARING ON APPLICATION REGARDING CREATION OF FAYETTE COUNTY DEVELOPMENT DISTRICT NO. 2
(THE CITY OF OAK HILL), 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 November 22, 2019 at 9:00 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. 2 (The City of Oak Hill)” (the “TIF District”) in Fayette County, West Virginia, approval of “The City of Oak Hill Project” (the “Project Plan”) and the financing of certain projects described in the Project Plan for the TIF District pursuant to Chapter 7, Article 11B of the Code of West Virginia (the “TIF Act”). 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 parcels of real property located along certain portions of Main Street, Jones Avenue, and Highland Avenue, situate in the corporate limits of The City of Oak Hill, Fayette County, West Virginia as more particularly indicated as follows:
Approval of Project Plan
The City of Oak Hill (the “City”) proposes to serve as master 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, land acquisition, acquisition and demolition of existing dilapidated structures, earthwork, landscaping, roads, curbing, sidewalks, pedestrian accommodations, water lines, sanitary sewer lines, stormwater facilities, natural gas lines, electric lines, telephone lines, cable lines, data transmission lines, street lighting, and other related infrastructure and utility improvements as permitted by the TIF Act (collectively, the “TIF Project”), all in order to facilitate development within the TIF District.
Tax Increment Financing Obligations
To finance the costs of the TIF Project, the City proposes that the County Commission issue tax increment revenue bonds in an aggregate principal amount not to exceed $6,000,000 with maturities not to exceed 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 the design, acquisition, construction and equipping the TIF Project; (ii) funding debt service reserve funds for each series of the bonds; (iii) funding capitalized interest on each series of the bonds; and (iv) paying costs of issuance of the bonds and related costs. All or a portion 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: November 14, 2019.
By: /s/ Kelvin E. Holliday
County Clerk