Payoff will save Industry property owners over $49 million annually and will deliver over $36 million to local taxing entities including school districts, special districts and the County
During today’s Industry City Council meeting, Finance Director, Yamini Pathak, announced that in July, the City had paid off the last three (bonds) of a total of seven (7) property tax-based bonds including General Obligation Bonds and Tax Allocation Revenue Bonds. As the economic engine of the San Gabriel Valley, the City will deliver over $85 million in annual revenue back to tax payers, businesses, and public agency partners which include schools.
“This announcement is a huge milestone for our City and I know that our residents and businesses will be thrilled to learn that they will no longer be paying the Industry Property Tax Override,” said Cory Moss, Industry Mayor. “Monies from these bonds were invested to improve our infrastructure from railroad crossings, roads, overpasses, and more which benefit our residents, workers, and businesses to improve the movement of goods. We will continue to double down on our commitment to ‘jobs, enterprise, and regional infrastructure’ through financially sound policies and investments.”
Industry voters approved the ad valorem tax, also referred to as the Industry Property Tax Override, at a special municipal election held on June 20, 1978, approving the issuance of General Obligation (GO) Bonds in an amount not to exceed $250 million. For nearly 44 years, the City had levied the Industry Property Tax Override of approximately 0.73750% ($.7375 of $100 taxable value) on all taxable Industry properties.
“I am proud of our Finance Department, who at the direction of City Council, have taken a proactive approach to accelerate the redemptions of these bonds to put tens of millions of dollars back into the hands of our property taxpayers, local schools and other public agency service providers,” shared Joshua Nelson, Industry City Manager. “The removal of this tax lien from the tax rolls is especially important during these currently challenging economic times.”
The $250 million of GO Bonds issued over the past decades, in combination with hundreds of millions of dollars of bonds issued by the former Industry Urban Development Agency (IUDA) utilizing additional tax increment monies have served to build the substantial improvements and infrastructure that has facilitated the City becoming a critical center for trade and commerce within the county, region and state.
Below are the seven bonds that have been repaid by the City of Industry.
- 2010 General Obligation Refunding Bonds
- General Obligation Refunding Bonds, Series 2014
- 2015 Tax Allocation Revenue Refunding Bonds, Series A, Project No. 1, IPFA/SAIUDA
- 2015 Tax Allocation Revenue Refunding Bonds, Series A, Project No. 2, IPFA/SAIUDA
- 2015 Tax Allocation Revenue Refunding Bonds, Series B, Project No. 2, IPFA/SAIUDA
- 2015 Tax Allocation Revenue Refunding Bonds, Series A, Project No. 3, IPFA/SAIUDA
- 2015 Tax Allocation Revenue Refunding Bonds, Series B, Project No. 3, IPFA/SAIUDA