Members of Palmyra's Industrial Development Authority (IDA) discussed the future for the 80-acre addition to the Warren Head Business Park, including the planned issuance of $4 million in industrial revenue bonds for prospective businesses coming to town.

Members of Palmyra's Industrial Development Authority (IDA) discussed the future for the 80-acre addition to the Warren Head Business Park, including the planned issuance of $4 million in industrial revenue bonds for prospective businesses coming to town.

IDA members talked about the Flower City's new tract of land, with Mayor Loren Graham detailing payments schedules for payment and discussing forthcoming infrastructure engineering work. Board members talked about potential signs to alert business owners about available land in the expanded business park. The IDA members approved issuing $4 million in industrial revenue bonds to encourage businesses to come to the business park with a lower investment interest rate.

Graham said the bonds would be issued through IDA, and the businesses would be able to borrow money at a rate considerably below the market level — the industrial revenue bonds would likely receive a three to three-and-a-half percent interest rate, based on a current market rate of about five percent. He said the bonds are issued based on a business's credit history.

“I've talked to three different places to be sure that there's no risk to the City to repay the bonds, and I got the same answer from all three — that there is none,” Graham said.

Graham said a resolution would be presented before the City Council, and the IDA would schedule a special meeting for moving forward with the bonds.

In other businesses

Graham said the addition to the Warren Head Business Park was officially owned by the City, and he said an initial payment of $200,000 would be followed by a $326,000 payment in March. He said it was possible that those payments would be made in cash. The total cost of the 81.2-acre tract of land was $812,000.

Secretary Mark Cheffey said Hannibal and Monroe City received Marion County funds in past years. Board members agreed to pursue the opportunity.

Graham said an April ballot issue will determine if the U.S. 36/I-72 Transportation Development District (TDD) continues following the completion of the four-lane construction of the corridor. The remaining funds in the account would be dispersed among the counties that paid for the project if voters approve the measure to dissolve the district.

Reach reporter Trevor McDonald at trevor.mcdonald@courierpost.com