Legal Notices

NOTICE OF PUBLIC HEARING APPLICATION REGARDING AMENDED PROJECT PLAN FOR THE CITY OF HUNTINGTON KINETIC PARK DEVELOPMENT/REDEVELOPMENT DISTRICT NO. 2 AND ISSUANCE OF TAX INCREMENT FINANCING OBLIGATIONS A public hearing will be held on the proposed Application for the Amended Project Plan for The City of Huntington Kinetic Development/ Redevelopment District No. 2 (the “TIF District”) at a regular meeting of the City Council of The City of Huntington (the “City”), on March 23, 2020, at 7:30 p.m., in the City Council Chambers at City Hall, located at 800 Fifth Avenue, Huntington, West Virginia, and at such hearing any person interested may appear and present comments, protests and suggestions. All comments, protests and suggestions shall be heard by the City Council, and it shall then take such actions as it shall deem proper in the premises regarding the approval pursuant to Chapter 7, Article 11B of the Code of West Virginia, 1931, as amended (the “Act”), of a Tax Increment Financing Application (the “Application”) regarding the Amended Project Plan to be completed within the TIF District, which would provide for public improvements within the TIF District. Following is a brief summary of such matters. Amendment of Project Plan The City approved the creation of the TIF District in 2005. The City approved a Project Plan for the TIF District in 2011. The improvements included in the Project Plan, as amended, consisted of various infrastructure improvements within the District, including, but not limited to, the maintenance of retention ponds, slip repair, stream bank maintenance, water runoff redirection, roadways, trails, paths, green spaces, landscaping and other approved infrastructure improvements. The City desires to further amend the Project Plan to permit the issuance of tax increment financing obligations to finance the improvements. Tax Increment Financing Obligations The City proposes to issue tax increment revenue bonds or other obligations (the “TIF Obligations”) in one or more series in an aggregate principal amount not to exceed $7,000,000, with maturities not to exceed 30 years from the date of the creation of the TIF District to (i) finance the costs of the Amended Project Plan, (ii) payoff the outstanding balance of a loan from the City to the Authority for up to $1.8 million used for improvements approved under the Original TIF Project, (iii) fund reserves for the TIF Obligations, as necessary, (iv) fund capitalized interest on the TIF Obligations, as necessary, and (v) pay costs of issuance of the TIF Obligations and other related costs. Such obligations may be issued from time to time in one or more series. A portion of the costs of the Amended Project Plan may also be paid directly from tax increment revenues. Further information regarding the proposed Application and the TIF Obligations are on file and available for inspection at the office of the City Clerk during regular business hours, located at City Hall, 800 Fifth Avenue, Huntington, West Virginia. Dated: March 13, 2020. By: /s/ Barbara Miller City Clerk L-89966 3/13/20/20