from The Lebanon Democrat::Nov. 15, 2008
Bible Park future rests in commissioners' hands
By: By J.R. LIND

November 15, 2008 – The proposed Bible Park project could take some big steps forward Monday.

The Wilson County Commission will vote on four key resolutions, allowing for the Industrial Development Board to issue tax-incremenal financed bonds and to create a tourism development zone at the park to fund other bonds.

State law requires local legislative bodies to accept impact studies for projects to be authorized to receive bonds paid through tax-incremental financing. The project's developers have said they are looking for $13 million to $15 million in TIF-backed bonds.

TIF is a process wherein the increase in property tax incurred by land improvements is captured and used to pay off bonds. Since both the county and city assess property taxes, both the county commission and Lebanon’s City Council have to approve the plan before the Industrial Development Board can issue the non-recourse bonds. The council OK’d the plan Nov. 6.

State statute allows for TIF and TDZ bonds to be issued for as long as 30 years, but the park team has said that TIF bonds typically retire in a much shorter period of time.

The creation of the TDZ would allow a 5 percent privilege tax to be assessed within the bounds of the park. That tax would also be captured and used to retire between $35 and $45 million in bonds.

The resolutions cleared the Budget Committee Nov. 6; only Commissioner Jim Emberton voted no.

"I just don't have an appreciation of what we signed off on tonight. There's just something I don't feel comfortable with. How many years is this going to be? They won't tell us; I just say no," he said at the time.

The Wilson County Commission meets 7 p.m. Monday