by Bill Brock, City Manager

Monroe City Council adopted Emergency Resolution No. 76-2007 which requires improvement of city infrastructure.

The cost involved in the project is approximately $15 million in public infrastructure and another $4 million in soft costs (engineering, financing cost, etc.).

The Resolution is in relation to the Special Assessments requested by the Developer of the Corridor 75 Industrial Park.

As a part of the Development Agreement the City of Monroe entered into with Vandercar Holdings, the City agreed to use special assessment to cover the bond service payments for the infrastructure improvements in the Park during the time limited real property tax revenue is coming off the site due to the abatement of those taxes.

All special assessments are paid by the property owner and forwarded to the Warren County Port Authority for payment of the bonds, thus the cost to the City is only in the administrative areas of collecting the special assessments.

Once the 15 year/100 percent tax abatement burn off, the property taxes collected from the project should cover the bond payments and the special assessments needed will be reduced.

Discuss it on The Voice:
CERTAIN PUBLIC INFRASTRUCTURE IMPROVEMENTS