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Country Crossing Cooperative District Board Meets, Takes Action on two Key Items

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Published on May 12, 2011

Dothan: The Cooperative District of Houston County - Country Crossing Project met today to vote on two issues before it and do some administrative house cleaning. So what exactly is the Cooperative District? Is it the Bingo hall, the Bed and Breakfast Inn, or the amphitheater? Is it Country Crossing itself? The board's attorney, Gary Sherrer aptly answered those question that makes it easier to understand the complexity of the structuring of Country Crossing. We will start from there (what it is) and then on to what actions the board took today.

The Cooperative District is a quasi-municipality that provides infra-structure for the district and is authorized to sell tax free bonds, levy fees (aka - taxes) to meet the obligations of the bonds and to set regulations for the District. Think of the city of Dothan. It is a municipality that provides infrastructure such as roadways, power, and sewage withing the City of Dothan. It collects taxes and fees to pay for the costs associated with the infrastructure. It has a City Commission to vote on issues related to the bonds, as well as other matters. The Cooperative District is very similar. Today, its "Commission" met to take action on two issues. It is not the Bingo hall or all of the other related buildings as those belong to the developer. The District provided the streets, parking lot, sewage and other infrastructure in the District. It assess and collects fees from food, drink, entertainment, lodging, and other activities of the development, which in turn are used to repay the bonds to the bond holder (Lord Abbott).

The first item voted on today was to allow some of the reserve funds to be used to pay for taxes and legal fees, such as defending the bonds in federal court. It was passed. The second item on the agenda was to allow the bond holder, Lord Abbott, to renew the bond that will be due on May 27th of this year. At this point, Lord Abbott has not yet made a decision. Should the bond not be renewed, it could go into "forbearance"', or worst case scenario, foreclosure. The board agreed to this measure as well. Hopefully with word theat many of the attractions will soon be reopening, a revenue stream would once again be generated which would be seen as a positive sign by the bond holder.

Thanks to Gary Sherrer for helping us all get a better understanding of a very complex issue.

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