THE CITY OF
WHEELING
NOTICE OF PUBLIC HEARING
REGARDING TAX
INCREMENT
FINANCING
BOND AUTHORIZING ORDINANCE
(COMBINED TIF DISTRICT – PHASE I
PROJECT)
A public hearing will be held at a regular meeting of the City Council of The City of Wheeling (the “City Council”) on Tuesday, October 4, 2022, at 12:00 p.m. (or as soon thereafter on such date as the matter may be heard by City Council) prevailing time, in the Council Chambers on the first floor of the City-County Building, 1500 Chapline Street, Wheeling, West Virginia, and at such hearing any person interested may appear before the City Council and present comments, protests and suggestions. All protests, comments 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 an ordinance entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOT MORE THAN $20,000,000 AGGREGATE PRINCIPAL AMOUNT OF TAX INCREMENT REVENUE AND REFUNDING BONDS, IN ONE OR MORE SERIES (THE “BONDS”), OF THE CITY OF WHEELING (THE “CITY”); AUTHORIZING THE USE OF THE PROCEEDS OF THE BONDS TO REFUND THE TAX INCREMENT REFUNDING AND REVENUE BONDS, SERIES 2016 (BANK QUALIFIED) OF THE CITY (THE “SERIES 2016 BONDS”), TO FINANCE COSTS OF THE DESIGN, PERMITTING, ACQUISITION, CONSTRUCTION AND EQUIPPING OF INFRASTRUCTURE AND OTHER IMPROVEMENTS WITHIN, OR FOR THE BENEFIT OF, THE CITY OF WHEELING COMBINED REDEVELOPMENT DISTRICT NO. 1 AND NO. 2 AND ALL NECESSARY APPURTENANCES AND RELATED FACILITIES, OTHER EXPENSES AND COSTS RELATED THERETO AND TO ISSUANCE OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST, ONE OR MORE DEVELOPMENT AGREEMENTS AND A BOND PURCHASE AGREEMENT; AUTHORIZING EXECUTION AND DELIVERY OF OTHER DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES IN CONNECTION WITH THE ISSUANCE OF THE BONDS AND THE UNDERTAKING OF SUCH IMPROVEMENTS; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS; PROVIDING PARAMETERS FOR THE PRINCIPAL AMOUNTS, MATURITIES, INTEREST RATES AND OTHER TERMS OF SUCH BONDS; AUTHORIZING THE MAYOR AND CITY MANAGER TO APPROVE, EXECUTE AND DELIVER A BOND PURCHASE AGREEMENT
RELATING TO THE FINAL TERMS OF THE BONDS AND THE USES OF THE BOND PROCEEDS; APPOINTING A TRUSTEE, REGISTRAR, PAYING AGENT AND OTHER PARTICIPANTS IN THE FINANCING; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS RELATING TO COMBINED PROJECT PLAN NO. 1 AND THE ISSUANCE OF SUCH BONDS.
The above-entitled Ordinance (the “Ordinance”) has been adopted on first reading by the City Council at a meeting held on Tuesday, September 20, 2022.
The above-quoted title of the Ordinance describes generally the contents thereof and the actions contemplated thereby. The City contemplates enactment of said Ordinance authorizing the issuance by the City of Tax Increment Revenue and Refunding Bonds, in one or more series (the “Bonds”), in an aggregate principal amount not to exceed $20,000,000, for the benefit of The City of Wheeling Combined Redevelopment District No. 1 and No. 1 (the “Combined TIF District”); and authorizing the use of the proceeds of such Bonds for the purposes of (i) refunding and redeeming in full the City’s Tax Increment Revenue and Refunding Bonds, Series 2016 (Bank Qualified); (ii) financing costs of the design, permitting, acquisition, construction and equipping of all or a portion of Combined Project Plan No. 1 for the Combined TIF District (the “Phase I TIF Project”); (iii) funding a reserve fund for the Bonds; and (iv) paying costs of issuance of the Bonds. The Bonds shall be payable from the tax increment revenues generated in the Combined TIF District, certain funds and accounts established with a bond trustee in connection with the Bonds, and unexpended proceeds of the Bonds.
A certified copy of the Ordinance is on file for review during regular business hours at the office of the City Clerk during regular business hours, located at the City Clerk’s office at the City-County Building, 1500 Chapline Street, Room 301, Wheeling, West Virginia, 26003.
Dated: September 23, 2022
By: /s/ Brenda J. Delbert
City Clerk
Int. Sep 23, 30, 2022