KANNAPOLIS, N.C. — With the recession blocking its first option, the Kannapolis City Council voted Monday to explore an alternative financing plan for projects tied to the

The council voted 5-1 to direct City Manager Mike Legg and city staff to begin planning a bank-placed tax-increment bond financing agreement with BB&T, in place of the original open-market tax increment financing plan.

With the collapse of financial markets since December 2007, the city’s plan to raise $168.4 million by selling bonds has been delayed. Under tax-increment financing, the bonds would be repaid with increased tax revenue tied to development at the N.C. Research Campus.

Now, the city will investigate an idea to raise $30 million in order to pay off projects already completed using the city’s savings and money put forward by Castle & Cooke, developer of the Research Campus.

For full details, see the report.