No decisions were made on the use of Chapter 100 Bonds for a residential development on the old Baptist Home property. The council first heard from the Bond Attorney Hayden Crumpton to talk about the bonds. He told the council the proposal is for a 10-year period and is for 100% abatement of the property taxes, including new and existing structures.
The bond value is $10 million dollars and the city would issue the bonds, Jarden Entities LLC would purchase the bonds from the city with the transfer of deed of the property to the city, who then leases the property back to Jarden. When the bonds are paid, the city would deed the property back to Jarden.
100% abatement for 10 years.
Dennis Hicks spoke with the council as one of the developers of the project. He talked about the plans and how the development would be done in phases, starting with five duplexes on the cul-de-sac on the east end of the property.
The council also heard from several of the taxing entities, including Sue Lightfoot from the Livingston County Library, who asked how the property would be assessed. The County Assessor said it would be assessed as new residential after the 10 year bond period.
Chillicothe R-II Superintendent Dan Wiebers also spoke about the abatement.
There are organizations that rely on those tax funds.
There were other comments both for and against.
The council chose to make no decision on the bonds until their December 29th meeting.
