Paying for infrastructure may be the most difficult hurdle when attempting to pay for a development. One way to lower the cost is it use tax-exempt bonds.
- Eligible Projects
- Airports, docks, wharves, mass commuting facilities, parking facilities;
- Facilities for sewage/solid waste disposal;
- Facilities for the local furnishing of electric energy or gas;
- Facilities for furnishing water;
- Local District heading or cooling facilities;
- Qualified hazardous waste facilities;
- Air or water pollution control facilities;
- Research and development facilities;
- New or existing correctional facilities within the State; and
- Qualified green building and sustainable design projects
- Requirements for Exempt Facility Bonds
- At least 95 percent of the net proceeds of the bonds (bond proceeds less amounts in the reasonable required reserve or replacement fund) must be used to finance the facilities.
- The facility must serve or be available on a regular basis for general public use, OR be part of a facility that is so used.
- More on Exempt-Facility Requirements