Both boards have now approved an intergovernmental agreement to used the increased tax revenue in the West Griffin Village Tax Allocation District 2 from the site improvements — the building of the new larger store — to pay off the bonds issued to be utilized for the construction of the store.
Under the agreement, the city and county will continue to get the base tax revenue based on the value of the site as of Dec. 31, 2009. Any property taxes from the TAD over that will go to pay off the $866,397 in bonds until they are paid off, not to exceed 30 years.
County Commission Chairman Gwen Flowers-Taylor said that the the tax proceeds are just from that area, the tax allocation district, primarily the Kroger site.
(For the complete story, see tomorrow's print edition.)