NOTICE OF ORDER REGARDING THE APPROVAL OF THE CREATION OF THE COUNTY COMMISSION OF MARION COUNTY
DEVELOPMENT DISTRICT NO. 2 AND APPROVAL OF A PROJECT PLAN FOR MIDDLETOWN COMMONS REDEVELOPMENT PROJECT NO. 1
AND
ISSUANCE OF TAX INCREMENT FINANCING OBLIGATIONS
The County Commission of Marion (the “County Commission”), at its regularly scheduled meeting on November 20, 2019, in the County Commission chambers on the 4th floor of the J. Harper Meredith Building, 200 Jackson Street Fairmont, West Virginia 26554, will have its first reading to adopt an Order approving the creation of a development district designated as “The County Commission of Marion County Development District No. 2” (the “TIF District”) in Marion County, West Virginia, and the financing of certain projects described in a Project Plan for the TIF District to designated as “Middletown Commons Redevelopment Project No. 1” (the “Project Plan”), as approved by the West Virginia Development Office on November 6, 2019. The Commission will hold its second reading for final approval of the Order adopting the creation of the TIF District and the Project Plan on December 4, 2019.
The following is a brief summary of such matters:
Creation of TIF District
The proposed TIF District includes approximately 1,909 mostly undeveloped acres in Marion County, West Virginia, surrounding the I-79 Technology Park, the Hoglick Industrial Park and the Marion/Harrison County Line, as more particularly set forth on the map attached hereto as Schedule 1, including the specifically delineated TIF District boundary. Included in this acreage is 187 acres that was the site of the former Middletown Mall and surrounding undeveloped property.
Approval of Project Plan
General Acquisitions, LLC (the “Developer”) proposes a Project Plan for the development of certain infrastructure improvements within the TIF District, including, without limitation, roads and roadways, intersections, acquisition of right-of-way’s, utility extensions and relocations, stormwater management, sidewalks and pedestrian ways, curbing, lighting, landscaping, stages, plazas and other related infrastructure and appurtenances and amenities relating thereto, along with costs and expenses for architectural and engineering fees related to the planning, developing, construction and installation of such public improvements and other related public infrastructure costs , all within or benefiting the TIF District (the “TIF Project”).
Schedule 1
Proposed TIF District Map
Tax Increment Financing Obligations
To finance the costs of the TIF Project, the County proposes to issue tax increment revenue bonds or other obligations (the “TIF Obligations”) in an amount not to exceed $25,000,000, with maturities not to exceed 30 years from the date of the creation of the TIF District. Such TIF Obligations may be issued from time to time in one or more series. Proceeds of the TIF Obligations are generally planned and expected to be used to (i) finance all or a portion of the costs of the TIF Project, including architectural, engineering, legal and other professional fees and expenses; (ii) fund reserves for the TIF Obligations; (iii) fund capitalized interest on the TIF Obligations; and/or (iv) pay costs of issuance of the TIF Obligations, including costs relating to the creation of the TIF District and preparation and approval of this Tax Increment Financing Application, and related costs. A portion of the costs of the TIF Project may also be paid on a pay-as-you-go basis directly from tax increment revenues.
Further information regarding the proposed Development District, the Project Plan, the Project and the TIF Obligations are on file and available for inspection at the office of the County Clerk during regular business hours, located at J. Harper Meredith Building, 200 Jackson Street Fairmont, West Virginia 26554.
Times: November 22, 29, 2019