The Levelland City Council and the Levelland Economic Development Corporation held a joint meeting Monday night.
The two entities took action to approve the Levelland Economic Development Corporation issuing Sales Tax Revenue Bonds totaling 1.4 Million Dollars for improvements on the North Side of the Levelland Industrial Rail Park. Erik Rejino, Interim L E D C Director told the group that the improvements were for 2 new upcoming projects in the rail park. They are Penny Newman Grain and BNSF Logistics which will be handing transloading of wind turbine parts.
The representative of First Southwest Financial which will handle the bond transaction for the LEDC presented the 3 bids received for the bonds. They were from Branch Banking and Trust, AimBank and American National Bank of Texas. The rates for the taxable series of bonds which is for rail improvements come in 3.75% from both BB&T and aim Bank however, BB&T bid was accepted because they guaranteed the fixed rate until at call date of February 15, 2020 where as AimBank had a call date of February 15, 2016. The bid for the Tax Exempt series which will cover street improvements as part of the project come in at 2.49% from BB&T and 2.60% from American National Bank of Texas however the call date from American National Bank of Texas was February 15, 2016. The call date from BB&T was February 15, 2020. With little discussion the Levelland Economic Development Corporation approved the issuance of bonds at 3.75% for taxable and 2.49% for Tax Exempt to Branch Banking and Trust. The city council also approved a resolution authorizing the issuance by the LEDC. The bonds will be paid back with revenue generated from the 2 new projects coming to the rail park over the next 10 years.