Kentucky Tri-Modal Industrial Transpark officials are hoping that the Bowling Green City Commission will let them refinance the park's current mortgage bonds.
The ITA spent more money buying and improving the Transpark's land over the years than it can afford to sell the property for. Right now, an acre of land is worth $59,000, but the Transpark will only sell it for $35,000. That leaves a $24,000 difference that the bond trustees want paid upfront at the time of purchase.
The City Commission could vote to give the ITA a general obligation bond that would allow the Transpark to sell the land and cover the difference without losing money.
"Its not a matter of whether the taxpayer will have to subsidize a Transpark. It's imperative for the taxpayers in Bowling Green and Warren County that the Transpark become a success; that we get as many businesses there as quickly as possible to defray our costs to the taxpayer for the Transpark," said City Commissioner Brian Strow.
ITA officials are scheduled to meet with the City Commission at a special work session March, 5, 2007.