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Riverside Ordered To Resume Payments To Washington County

Posted: Sunday, October 31st, 2010 at 6:30 am
Author: KCII News-Chance Dorland

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A judge has ordered the City of Riverside to pay Washington County $350,000 and continue with yearly $175,000 repayments for more than $9 million in Tax Increment Financing Bonds that were used to upgrade Riverside’s  sewer and water system in connection with the building of the Riverside Casino And Resort. The Washington County Attorney’s Office says District Court Judge Joel Yates held that the agreement between Riverside and Washington County was valid, siding against Riverside’s argument that the agreement is void because it violates Iowa code that prevents a city from borrowing more than 5% of its property tax value.  Washington County’s legal fees and litigation costs will be paid from TIF revenue receipts and not from the County’s General Fund.