By Mark Cowling | Florence Reminers & Blade-Tribune
Since 2007, the Town Council has approved 10 bonds through the Florence Industrial Development Authority (IDA).
Although these bonds are often for out-of-town charter schools, neither the town nor the IDA risks any liability and the IDA earns fees.
The Town Council was asked to approve another IDA bond Monday night, this time for up to $75 million for Legacy Traditional Schools.
But since the IDA was recently reluctant to pitch in significantly to help save the Francisco Cuen House, the council was less eager to help the IDA earn this extra income.
Mayor Tom Rankin asked IDA legal counsel Bill Wilder how much the IDA stood to make off this transaction.
Wilder replied that with a $70 million bond issue, the IDA would earn $49,000 in the first year, then less in the following years as the bonds are paid.
