The Fayette County Redevelopment Authority took steps to enhance development at the Fayette County Business Park Thursday by separately voting to issue bonds and enter into a coal-mining contract for an undeveloped area at the park. Andrew French, executive director, explained that the authority voting to issue the bonds is the next step in the process to obtain the bonds, which are being used as a way to offset debt for infrastructure work - such as roads, water and sewerage - Cedarwood Development Inc. In October, as a step in the process to issue bonds, the authority named the Banc of America Securities LLC as the underwriter; Pepper Hamilton, LLP as bond counsel; Ballard Spahr Andrews and Ingersoll, LLP as underwriter’s counsel and The Bank of New York Trust Company as trustee for the bonds. French said the conditions include notifying Gabelt that it will be the only subordination; the authority needs verification that debts were paid off; the loan with the authority will be restructured to a payback instead of a forgiveness loan and Gabelt will be encouraged to attend credit counseling. Read More