The meeting follows months of closed-door meetings on the commercial wrap (Hitcents Park Plaza) being operated by Mills Family Realty. On the agenda is a discussion of “terms regarding the issuance of new bonds for permanent financing of the Downtown TIF Block 6 Wrap, including a discussion of possible revisions in the current Revenue Sharing Agreement.”
Hitcents Park Plaza has had financial problems for months, and liens were filed on the property for money allegedly owed to contractors in its construction. Mariah’s restaurant and 6-4-3 Sports Bar closed “until further notice” several weeks ago. Three fast-casual restaurants in the wrap were shut down in September.
The City Commission earlier this year approved negotiations with Bowling Green Hot Rods owner Jerry Katzoff about taking over management of the wrap. While earlier discussions were closed to the public, today’s agenda does not call for a closed session.
Representatives of Warren County government and the Warren County Downtown Economic Development Authority are expected to make presentations at the meeting.
On Saturday, Mills Family Realty issued a news release about the development, disputing the amount of money owed for construction of the wrap and that the company is owed TIF revenues from government entities.
The news release states, among other things, that an unnamed government agency transferred $844,200 out of the bond fund in November 2012 with no explanation as to how funds were used.
County Attorney Amy Milliken said in response to the news release that county officials were set to meet with Mills Family Realty and its counsel this morning.
She hopes for an amicable, out-of-court resolution to the issue, but is “fully prepared to protect the interests of the county,” she said.