Biotech hub developers seek more bond money
Hot damn, is that right? Wait, it gets even better, by which I mean worse:
A day after Kannapolis told Cabarrus County it needs $76 million in bonds for the North Carolina Research Campus, the biotech hub’s developers said Tuesday they want more.
Castle & Cooke has told elected officials it is considering providing a letter of credit that would allow Kannapolis to issue more than the $76 million in self-financing bonds.
The bonds would pay for new roads, utilities and other improvements in and around the campus.
The company has been working for weeks on ways to increase the amount of the bonds, Kannapolis City Manager Mike Legg said. Those efforts intensified in the past few days, he said.
The bonds are self-financing, you know, free money. That is why the public does not get to vote on the money, see. So, weeeeeeeeeee! Go nuts Kannapolis and Cabarrus County!
Of course, these tax increment financing plans will fail to contribute any property tax revenue to your local General Fund but, hey weeeeeeeeeeeee! Free money!
This thing is looking more and more like a train wreck every, single day.
