Spartanburg’s tax increment financing bond rating was raised to A from A-minus by Standard & Poor’s.Tuesday’s upgrade affects about $15.8 million of outstanding debt and reflects improved coverage on the TIF bonds, said a report by analyst Eden Perry. The A rating also reflects the city’s strong manufacturing-focused economy, growing income levels that are above the state’s average, strong coverage of maximum annual debt service with the pledged franchise tax revenue, an adequate 1.35 times additional bonds test of the franchise-tax revenues alone, and sound financial operations.“The stable outlook reflects our expectation of continued stable franchise-fee tax revenue trends, providing strong coverage,” Perry said. “The outlook also reflects the adequate annual debt service coverage of the bonds, with the tax increment revenues and without the franchise tax revenues.”The TIF bonds are secured by a 0.3% franchise tax levied on telecommunications and cable television, a 3% franchise tax on public utilities, and by tax increment revenue in the project area. One Spartanburg’s TIF projects, known as the St. John-Daniel Morgan development area, encompasses 98 acres with a combination of retail, residential, and entertainment properties.In the Broad Street TIF, covering about 76 acres, three major developments have occurred since its inception — Advance America Inc. built a $6.6 million office building, Extended Stay America moved its headquarters into a $13 million building in the district, and QS/1, a pharmacy software specialty company, moved into the TIF from outside the city.
-
The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion
1h ago -
High-yield muni issuance totals $20 billion year-to-date, "reflecting normalization from relatively depressed levels in 2023 ($7.6 billion over the comparable period), and now virtually equal to the trailing five-year average for the period ($20.1 billion)," said J.P. Morgan strategists, led by Peter DeGroot.
2h ago -
Mayor Eric Adams was indicted on federal bribery, campaign finance and conspiracy charges, the U.S. Attorney's Office announced Thursday.
2h ago -
The privately placed taxable bonds to be issued through Bernalillo County will help finance a manufacturing facility for Ebon Solar.
4h ago -
"The market is strong right now, and we expect that to continue into next year," Loop's head of public finance Bo Daniels said.
5h ago -
The continuing resolution to keep the government funded was passed without the inclusion of controversial legislation requiring proof of citizenship in order to vote.
5h ago