The region’s most successful grocery chain needs government to put a label on the county so loans may be procured for anything but selling liquor or gambling. Perhaps I misunderstood. The following is the gist of the staff reports (1,2) upon which the Buncombe County Commissioners will base their decision to vote in favor:
The Industrial Facilities & Pollution Control Financing Authority . . . found that it would be in the best interest of the citizens to recommend the Commissioners declare Buncombe County as a recovery zone in order to enable the local companies to be eligible for Recovery Zone Facility Development Bonds allocated to Buncombe County as part of the government’s stimulus legislation.
To clarify:
If a recovery zone is designated then the Authority would issue the bonds and lend the proceeds to a borrower who wishes to use the proceeds. The borrower’s credit is solely available to repay the loan; no County funds are implicated. Interest on the bonds is federally and state tax-exempt.
Furthermore,
Designation of the recovery zone will allow projects that could not be otherwise financed with tax-exempt bonds to be eligible and will be considered on a case by case basis. The projects that may be funded are very broad and could generally encompass about anything other than liquor stores and gaming places.
The initial request came from Ingle’s Markets.
