City of Somerset Resolution 24-09 Industrial Revenue Bonds
Somerset Approves $100M Industrial Revenue Bond Deal with C. M. Ford Investments
Trusted by teams at
Description
The City of Somerset authorized a Memorandum of Agreement with C. M. Ford Investments, LLC for a $100 million mixed-use project financed through Industrial Building Revenue Bonds over 30 years. The agreement includes tax abatement structures and outlines repayment solely from project revenues.
Contract Details
Contract Amount
Not to exceed $100,000,000
Vendor
C. M. FORD INVESTMENTS LLC
Agency
City of Somerset, KY
Contract Type
OTHER
Document Date
April 8, 2024
Contract Term
30 years
Renewal Date
2054-12-31
Renewal Info
Lease and PILOT agreements will be executed contemporaneously with bond issuance; term up to 30 years with possible earlier termination if bonds are paid or lease is ended. Agreements may be amended in writing by parties.
More from City of Somerset
Commonwealth of Kentucky Transportation Cabinet Agreement Municipal Road Aid Cooperative Program Agreement 2026-05-14
City of Somerset Resolution Awarding a Non-Exclusive Franchise Agreement to Spectrum Mid-America, LLC 2026-05-11
Commonwealth of Kentucky Transportation Cabinet Agreement with City of Somerset July 2025
City of Somerset Council Meeting Minutes March 24, 2025
City of Somerset Council Meeting Minutes March 24, 2025
Want to learn more?
Get alerts on contract renewals, new awards, and vendor activity.
Bring us your territory.
We'll show you what is forming.
See live SLED buying signals, source docs, decision-makers, contract context, and the next step into your CRM or pipeline.