Mon County Commission approves TIF funds

MORGANTOWN — The Monongalia County Commission worked through a handful of action items during its most recent regular meeting.
Among them, approval of a $13,432,139.58 requisition connected to the University Town Centre Economic Opportunity Development District, or — tax increment finance (TIF) district.
The commission hired Maryland-based consulting firm MuniCap in May to begin reviewing requisition requests.
County Administrator Rennetta McClure explained that the requisitions are not funds to be distributed, but reimbursements to the developer.
The commission also released $7 million tied to the 2016 property tax TIF approved for the University Town Centre TIF district.
The funds are released in tiered portions known as “tranches.”
When the 2016 Series A bonds were approved in August 2016 the county’s bond counsel, Tom Aman, explained that releasing the money in tranches is a safeguard to ensure the funds are released only as various criteria are satisfied.
Also on Thursday, the commission:
Agreed to provide a letter of support for WVU’s efforts to secure a BUILD Transportation grant from the U.S. Department of Transportation.
The grant money would be invested in the university’s personal rapid transit (PRT) system.
The commission also approved renewal of its year-long contract with Global Science & Technology for network support.
McClure said there were no changes to the contract, for which the county pays $400 monthly.

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