Okay, here's where we stand

A RESOLUTION OF COUNCIL RETURNING THE ALLOCATION OF THE RECOVERY ZONE ECONOMIC DEVELOPMENT BOND LIMITATION ALLOCATED TO THE CITY BY THE COUNTY COMMISSION OF CABELL COUNTY UNDER SECTION 1400U-1(a)(3)(A) OF THE UNITED STATES INTERNAL REVENUE CODE FOR THE ISSUANCE OF RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS THAT WAS PREVIOUSLY ALLOCATED TO A PROJECT AT THE BIG SANDY SUPERSTORE ARENA FOR THE CITY

Jim Insco confirms that the bonds that Cabell County had approved earlier in the year were returned, since the city had until July 30 to use them anyhow.

AND APPROVING THE APPLICATION FOR RECOVERY ZONE ECONOMIC DEVELOPMENT BOND VOLUME CAP WITH THE WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY

However, the city simultaneously applied at the state level for the same bond. Finance Director Deron Runyon says the city will know the bond status by the end of September, and will have the rest of the year to finalize things.

So things are a little more complicated--the city has to get RE-approved for bonds now--but at least this shows that city council still wants to get this done, despite all the municipal shenanigans going on in Huntington.

UPDATE: 11 Aug, 9:25am: per the website of the WV Economic Development Authority, applications made by the 1st of August would be heard in their meeting on the 19th--next Thursday...

Somebody help me translate Muncipalfinancese!

Catching up--been quite hectic round these parts lately--and found this in the July 26 Huntington City Council agenda:

Resolution re: A RESOLUTION OF COUNCIL RETURNING THE ALLOCATION OF THE RECOVERY ZONE ECONOMIC DEVELOPMENT BOND LIMITATION ALLOCATED TO THE CITY BY THE COUNTY COMMISSION OF CABELL COUNTY UNDER SECTION 1400U-1(a)(3)(A) OF THE UNITED STATES INTERNAL REVENUE CODE FOR THE ISSUANCE OF RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS THAT WAS PREVIOUSLY ALLOCATED TO A PROJECT AT THE BIG SANDY SUPERSTORE ARENA FOR THE CITY AND APPROVING THE APPLICATION FOR RECOVERY ZONE ECONOMIC DEVELOPMENT BOND VOLUME CAP WITH THE WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY

I THINK this means that the city is re-applying for the bonds. Fired off an email to Steve Williams, will keep yas posted. And I will be getting back to those transcriptions once things get less hectic here.

"Time is of the essence"

Had a productive email session with Steve Williams, head of Huntington City Council's finance committee--while the tax boondoggle continues, they are in fact working on things with the Big Sandy Superstore Arena:

The City has requested proposals for Financial Advisors to assess the Arena
project and make recommendations as to how we should structure the bond issue,
determine the revenue source to pay for the bonds issued, and identify the
appropriate governmental entity to issue the bonds.

The city must pick one of these proposals to put forward to the Finance Committee, and things get rolling from there... important thing to note is that the bonds must be taken care of by September 1.

We have our day

Huntington City Council takes up the Big Sandy Superstore Arena's future on March 20. Yes, that's a Saturday, so for those of you that don't live five hours away, you have few excuses to drop by... unless of course we get another two feet of snow (the way this winter has been I wouldn't be surprised if it snows until April).