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August 15, 2008

Four County Development Authority bond insurer downgraded

 “The fees involved in purchasing the letter of credit and remarketing the bonds could top 
$90,000. However, since the bonds are being held by the liquidity provider--and the JDA is being charged nearly 
$700 per day to hold the outstanding $6.8 million in bonds…..”


Jasper's share of the JDA is 10%.  The cost to Jasper is $70 per day plus $9000 to remarket the bonds.

The Morgan County Citizen
August 11, 2008
.

JDA bond insurer downgraded
By Tara DeRock Mahoney

Members of the Jasper, Morgan, Newton, and Walton Joint Development Authority (JDA) heard presentations last week from two financial advisors, after learning that the firm that had insured the group’s 1999 $9 million bond issue had been downgraded and that the bonds’ heretofore highly preferential interest rate was at risk. 

Read entire story here:  http://morgancountycitizen.com/?q=node/7525

 
The Four County Development Authority, a/k/a JDA, a/k/a.Stanton Springs, has yet to have any industry coming after 9 years in the business of seeking prospects. 

Previously published reports have stated that the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties intends to develop approximately 350,000 square feet of com­mercial buildings on the space.  

Entrance way to JDA/Stanton Springs project off Hwy 278. 

Entr

New road into project—recently built.

Road

The question still remains, when will the taxpayers ever see a return on their money.  As of today the only ones that have reaped benefits are the consultants and attorneys for this project.


TWG
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