The Knox Economic Development Commission last night held a public hearing to discuss a proposed refunding of outstanding bonds of the city of Knox and the financing of economic development facilities for Toll Brothers. No members of the audience spoke out against the idea, and Starke County Economic Development Foundation Executive Director Charles Weaver was present to explain the benefits of their proposal.
The hearing also discussed the issuance of Series 2014 bonds not to exceed $12,800,000 to refund the Series 2006 bonds, to pay project costs of the economic development facilities of Toll, and to determine whether said financing will have an adverse competitive effect on any similar facilities already constructed or operating in the city.
The primary difference between the old bonds and the new bonds, Weaver explained, is that the old bonds were tax-exempt and these new bonds are taxable. He said this will lead to more money for the city, and the city is under no liability to repay the bonds.
Ultimately, the commission approved the issuance of the bonds.
The Knox City Council held their meeting afterward and also approved the issuance of the bonds, suspending the rules and approving it on first, second and third readings.
