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DLGF Approves Redevelopment Bond Request
(posted Aug19)
The Department of Local Government Finance approved the master lease rental
agreement between the Speedway Redevelopment Commission and Authority to
bond up to $62,775,000.
Speedway Redevelopment Commission Executive Director Scott Harris said
there is a possibility of seeking a bond anticipation note instead of waiting
60 to 90 days for the entire bond transaction. The SRC would eventually
seek a bond and retire the BAN. The SRC is projecting $22,024,964 for the
final design, roundabouts and critical construction for the realignment
of 16th Street.
The DLGF's approval can be challenged. According to the order, "A taxpayer may petition for judicial review of the final determination
of the department of local government finance. The petition must be filed
in the tax court more than 30 days after the department enters its order."
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