Griffin City Attorney Drew Whalen told the Griffin City Commissioners Tuesday morning that Kroger has come back with revised and lower value of the building. Originally estimated at between $10 million and $12 million, Whalen said the latest value from Kroger is now $6,985,000.
The bonds, if approved at the Aug. 14 City Commission meeting, are based on the value of improvements to the property, including the building, but not fixtures and equipment. To make up the difference, Whalen said, Kroger proposed including fixtures, equipment and inventory, but that would require the city and county to approve the changes, and would result in about $200,000 less in property tax going to the city and county.
That money would instead go into paying the bonds, Whalen explained. The bonds are paid back only from increased tax revenue as a result of the improvements made to land within the tax allocation district, namely the West Griffin Village Tax Allocation District No. 2.
(For the complete story, see tomorrow's print edition.)