By Evamarie Socha
The Daily Item
ALLENWOOD — For at least one more year, Union County residents won’t be taxed to fund bond payments for the nearly vacant 670-acre Great Stream Commons industrial park.
Union County’s frequent renegotiating of the terms of the $12 million loan used to purchase the Gregg Township site 12 years ago has resulted in $491,000 in savings that will be used to cover bills due in May and November.
As a result, “We’ve been able to save enough money that we feel comfortable enough to cover 2013” without a tax increase, Commissioner John Showers said Friday.
The goal of reworking payment plans was to save taxpayers money “and get us through critical years,” Showers said.
However, bond payments climb to $986,000 in 2014, Commissioner Preston Boop said, meaning 2013 may be the time to sign tenants.
Great Stream Commons tenants would have covered bond payments, but there are only three tenants. That leaves the loan bill in the county’s box.
Read more of this story in Sunday's edition of The Daily Item.