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County bonds
to help renovate
Public Building for law firm
County
Council is expected to approve sale of up to $38 million of
bonds to help a Pettinaro Enterprises affiliate finance
renovation of the historic former Public Building in downtown
Wilmington, which it will the lease to the
Young, Conaway, Stargatt & Taylor law firm. Up to $28 million
will be tax-exempt 'recovery zone' bonds authorized by federal
economic stimulus legislation. The $10 million issue will be
taxable revenue bonds. In both cases, proceeds from the venture
will be used to retire the long-term bonds. A proposed ordinance
introduced on Aug. 24 by Councilman Penrose Hollins refers to
Council having held a public hearing on the matter, but
apparently none has been scheduled apart from the usual public
comment opportunity when the ordinance comes up for a vote. |