City and County OKs West Third Street project
See PDF of Memorandum of Understanding.
The Rome City Commission this morning approved a memorandum of understanding with the developers of the West Third Street project.
The vote was 7-1. City Commissioner Kim Canada voted against the measure. Commissioner Katie Dempsey abstained. Mayor Ronnie Wallace and Commissioners Jamie Doss, Bill Collins, Bill Fricks, Wright Bagby Jr., Norman Skidmore and Buzz Wachsteter all voted for the proposal.
County OKs West 3rd funding
The 3-2 vote by Floyd County commissioners comes with conditions attached.
10/12/05
By Diane Wagner, Rome News-Tribune Staff Writer
The West Third Street redevelopment project moved a step forward Tuesday, when the Floyd County Commission agreed to chip in its share of the funding.
But the agreement, approved in a 3-2 vote, comes with conditions attached and is far from a ringing endorsement of the plan.
“I don’t think there’s a single person in the room that would have signed the (memorandum of understanding) the city signed with the developers,” Commissioner Garry Fricks told his fellow commissioners during the caucus prior to the vote. “But it’s not our risk.”
Fricks and Commissioners John Mayes and Jerry Jennings voted in favor of a resolution to funnel back a portion of the county’s increased tax revenue from the redevelopment to help pay off bonds Rome will issue to fund part of the project.
“I think this is an opportunity for us to be proactive for our community and our future,” Jennings said, adding that he’s “an enthusiastic supporter.”
The resolution is dependent on the Rome City Commission signing an intergovernmental agreement with a draft of conditions minimizing the county’s financial risk.
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Mayes offered to temporarily withhold his support to give Commission Chairman Chuck Hufstetler and Commissioner Tom Bennett more time to review the county’s protections, but both said their objections went deeper.
“I hope the development is successful, but I don’t think the numbers are good for the taxpayers,” Hufstetler said. “There’s not enough value to the return.”
Hufstetler said what started as a simple land swap has evolved into a complicated project that now relies on the addition of school and county tax pledges for financial viability — and the city may still have to back the bonds with its general fund.
“And we’re losing our recreation offices and gymnastics center. Those are not replaced in the agreement,” he added.
Hufstetler and Bennett also questioned the legality of a provision that calls for the city to build two parking decks and transfer them to Northwest GA LLC for less than the cost of construction.
Bennett said he thinks the county’s liability is protected, but the city’s promise to upgrade roads, sewers, parks and other infrastructure amounts to preferential treatment of a private citizen.
“This is a great deal, but the government’s responsibility is to accommodate, not enable,” Bennett said. “It should not use tax subsidies to take from one business to give to another, and what it does for one it should be willing to do for all.”
The next step is for city and county representatives to draft the intergovernmental agreement, which must be signed by Dec. 31.
The project will transform the West Third Street area into a mixed-use extension of the downtown district with housing, offices, stores, restaurants and a possible hotel.
Barron Stadium and the Rome-Floyd Tennis Center would be moved to State Mutual Stadium and Riverside Parkway, respectively.
Although Bennett clung to his reservations, he said the future benefits to the community are “almost infinite” if the development happens as planned.
COUNTY CONDITIONS
To limit its financial risk in the West Third Street redevelopment project, the Floyd County Commission is proposing certain conditions in its intergovernmental agreement with the Rome City Commission.
Among the protections:
* Rome will repay the county’s legal and development costs incurred before the bonds are issued for the Phase I projects.
* If there are excess funds to distribute, the county will get its full share first instead of prorating the money between the city and county. The provision, aimed at ensuring the county gets its return quickly, makes it unlikely that Rome can pay off the bonds early.
* Bonds are limited to a total of $24,714,062, which is the amount for the three development phases listed in the agreement between Rome and Northwest GA LLC.
* The county will not pay to build or relocate any of the recreational facilities and will provide only grant money for a proposed pedestrian bridge across the Oostanaula River.
* Cost of the annual debt service on the bonds is capped at $2.2 million unless the county agrees to increase it. The provision is meant to limit spending if interest rates soar beyond the projections.
The Rome City Commission this morning approved a memorandum of understanding with the developers of the West Third Street project.
The vote was 7-1. City Commissioner Kim Canada voted against the measure. Commissioner Katie Dempsey abstained. Mayor Ronnie Wallace and Commissioners Jamie Doss, Bill Collins, Bill Fricks, Wright Bagby Jr., Norman Skidmore and Buzz Wachsteter all voted for the proposal.
County OKs West 3rd funding
The 3-2 vote by Floyd County commissioners comes with conditions attached.
10/12/05
By Diane Wagner, Rome News-Tribune Staff Writer
The West Third Street redevelopment project moved a step forward Tuesday, when the Floyd County Commission agreed to chip in its share of the funding.
But the agreement, approved in a 3-2 vote, comes with conditions attached and is far from a ringing endorsement of the plan.
“I don’t think there’s a single person in the room that would have signed the (memorandum of understanding) the city signed with the developers,” Commissioner Garry Fricks told his fellow commissioners during the caucus prior to the vote. “But it’s not our risk.”
Fricks and Commissioners John Mayes and Jerry Jennings voted in favor of a resolution to funnel back a portion of the county’s increased tax revenue from the redevelopment to help pay off bonds Rome will issue to fund part of the project.
“I think this is an opportunity for us to be proactive for our community and our future,” Jennings said, adding that he’s “an enthusiastic supporter.”
The resolution is dependent on the Rome City Commission signing an intergovernmental agreement with a draft of conditions minimizing the county’s financial risk.
Mayes offered to temporarily withhold his support to give Commission Chairman Chuck Hufstetler and Commissioner Tom Bennett more time to review the county’s protections, but both said their objections went deeper.
“I hope the development is successful, but I don’t think the numbers are good for the taxpayers,” Hufstetler said. “There’s not enough value to the return.”
Hufstetler said what started as a simple land swap has evolved into a complicated project that now relies on the addition of school and county tax pledges for financial viability — and the city may still have to back the bonds with its general fund.
“And we’re losing our recreation offices and gymnastics center. Those are not replaced in the agreement,” he added.
Hufstetler and Bennett also questioned the legality of a provision that calls for the city to build two parking decks and transfer them to Northwest GA LLC for less than the cost of construction.
Bennett said he thinks the county’s liability is protected, but the city’s promise to upgrade roads, sewers, parks and other infrastructure amounts to preferential treatment of a private citizen.
“This is a great deal, but the government’s responsibility is to accommodate, not enable,” Bennett said. “It should not use tax subsidies to take from one business to give to another, and what it does for one it should be willing to do for all.”
The next step is for city and county representatives to draft the intergovernmental agreement, which must be signed by Dec. 31.
The project will transform the West Third Street area into a mixed-use extension of the downtown district with housing, offices, stores, restaurants and a possible hotel.
Barron Stadium and the Rome-Floyd Tennis Center would be moved to State Mutual Stadium and Riverside Parkway, respectively.
Although Bennett clung to his reservations, he said the future benefits to the community are “almost infinite” if the development happens as planned.
COUNTY CONDITIONS
To limit its financial risk in the West Third Street redevelopment project, the Floyd County Commission is proposing certain conditions in its intergovernmental agreement with the Rome City Commission.
Among the protections:
* Rome will repay the county’s legal and development costs incurred before the bonds are issued for the Phase I projects.
* If there are excess funds to distribute, the county will get its full share first instead of prorating the money between the city and county. The provision, aimed at ensuring the county gets its return quickly, makes it unlikely that Rome can pay off the bonds early.
* Bonds are limited to a total of $24,714,062, which is the amount for the three development phases listed in the agreement between Rome and Northwest GA LLC.
* The county will not pay to build or relocate any of the recreational facilities and will provide only grant money for a proposed pedestrian bridge across the Oostanaula River.
* Cost of the annual debt service on the bonds is capped at $2.2 million unless the county agrees to increase it. The provision is meant to limit spending if interest rates soar beyond the projections.
posted by Webmaster at 9/29/2005 01:47:00 PM
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