Under state law, notification to owners of property included in the tax abatement project isn’t required. Property owners will not see any difference in their tax statements compared to those who don’t have property listed in the abatement.
Mark Loosbrock, representing LCTC, said the sale of the tax abatement bonds will “work in our cash flow very well.”
The resolution authorizing the bonds was approved on a 4-0 vote, with Commissioner Gene Metz abstaining because of his position on the board of LCTC.
The projected interest rate on the bonds is slightly less than 3 percent, said Nobles County Administrator Tom Johnson, and will be repaid over a 15-year period by LCTC.
“The county’s AA+ bond rating helps drive down the interest rate,” said George Eilertson of Northland Securities, the county’s bond counsel.
Action on the sale of the bonds is anticipated at the Nov. 21 meeting of the county board. At that time, the board will also conduct a public hearing to amend its $6.54 million capital improvement plan bond. Favorable construction costs have resulted in excess funds available, and the board will need to identify what additional projects will be funded with the remaining dollars.
©2017 The Daily Globe (Worthington, Minn.) Distributed by Tribune Content Agency, LLC.
