Traub said: “0nce bonds are floated, I believe we can absorb from those bonds the amount of money that’s necessary to reimburse the city” for Hailstone’s work plus handle the compliance work.
Jennings argued that a funding mechanism formally should be established by the authority along with approving the compliance function.
He suggested the board create a financing committee to review the issue. Traub said Jenning’s proposal to develop a budget and establish a committee to help to do that will put on the agenda for ANIZDA’s next meeting Oct. 4.
Hailstone said: “The long-term, 30-year arrangement for the NIZ authority still needs to be worked on.” She said lease payments could help fund ANIZDA, as could fees on developers or on new businesses that come into the NIZ.