Kannapolis City Manager Mike Legg announced Monday night that Kannapolis did not receive a good enough rating from Standard and Poor’s to make the potential tax increment financing bond issue affordable.
(The bonds were envisioned as a means of furthering development at the being built by billionaire David Murdock in Kannapolis.)
His statement at Monday’s Kannapolis City Council meeting puts to an end weeks of speculation about whether the bond rating agency would give the deal a favorable rating, allowing the city to pay less interest.
“It’s not the best news, but we do have some alternatives that we’d like to put out there,” Legg told council members.
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