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August 26,  2010

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.

Get more information about this topic

Read previous Delaforum article: County Council defines 'recovery zone'

Background information: What are 'recovery zone' bonds?

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