New Hilltop Subdivision to Be Considered for Bonds
A special meeting of the Park Hills city council will take place on April 22 to discuss $60 million in industrial revenue bonds (IRB) to be issued for the Park Pointe residential project.
The Commonwealth of Kentucky explains IRB as as a special option of state and local governments to help finance development projects, which offers developers the opportunity to have a lower interest rate from a government lender. The government lender is not obligated to the debt repayment. Bondholders look to the “revenue” arising from the project to cover debt service.
Attorney Mark Weber, from the law firm Keating, Muething, and Klekamp, which is representing developer Joshua One, explained to council at a meeting earlier this month that the city would still collect 100 percent of what it would have collected in regular taxes.
Councilwoman Pam Spoor thanked former Mayor Matt Mattone for working to ensure that the city would collect the full rate.
Park Pointe is expected to include more than eighty new single-family homes. The development is on both sides of the Covington-Park Hills border.
Instead of taking a vote on the IRB issue at this month's earlier meeting, Mayor Kathy Zembrodt said that the issue would only be up for discussion. There had been three items on the agenda associated with the development.
Weber, the attorney, said that the IRB needed to be approved by May 2, so a special meeting of city council would be necessary. Council members agreed to meet at 6:30 p.m. on April 22 to take up the IRB.
Meanwhile, council voted to pay off a previous loan taken out in the amount of $23,000. Councilman Keven Theissen, who serves on the financial oversight committee, said that paying off the loan in full would save $400 in interest payments. The original loan was for $23,000.
The new sidewalk on St. Joseph Lane may be possible this year, it was noted at the meeting.
It was also noted that 61.4 percent of Park Hills residents participate in the city's recycling program.
Mayor Zembrodt read a proclamation that May 5 through 11 is Municipal Clerks Week, and she specified that it is an honor for their city clerk, Julie Alig, who has been an outstanding clerk for 17 years.