The resolution approved Tuesday authorizes the issuance of bonds by Oct. 1, in the amount of $866,397, with Kroger purchasing the bonds bearing 4 percent interest for a term not to exceed 30 years. The bonds will be paid back with the positive tax increment from Tax Allocation District No. 2, where the new Kroger is being built.
The purchaser bears the risk if the positive tax increment is insufficient to fully pay back the obligation over the life of the bonds, which, according to the resolution, shall not exceed 30 years.
(For the complete story, see tomorrow's print edition.)