The city of Westerville has negotiated a deal in which the city will issue $8 million in bonds to finance the extension of Worthington Road from Polaris Parkway to County Line Road, with debt service for the bonds to come “from funds raised by a tax-increment financing [TIF] agreement for the area,” ThisWeek Community News reports. Westerville Finance Director LeeAnn Shortland said the city “will pay a ‘limited amount’ of principal” on the 20-year bonds during the first three years, with the TIF funding “expected to kick in by the fourth year.” City Manager David Collinsworth said the developer of the planned apartment complex and retail development in the area, NP Limited, is responsible for those payments regardless of the profitability of those developments in three years, according to the article. For more, read the full article.
Westerville will use TIF funds to repay bonds for road extension
