Standard&Poor's Ratings Services assigned its 'A-' rating and stable outlook to Jeffersonville Redevelopment Commission, Ind.'s series 2012A tax increment revenue bonds. The rating reflects our view of the tax increment financing (TIF) district's: Well-developed area within the city of Jeffersonville (A+/Stable); Zero volatility ratio due to Indiana's neutralization process that allows for base assessed valuation (AV) to adjust, indicating that AV changes will not cause magnified changes in tax-increment revenue; and Strong debt service coverage (DSC) from incremental property tax revenues. Partly offsetting these factors is the district's moderate taxpayer concentration. The bonds are secured by TIF revenues collected in the city's Falls Landing economic development area. Officials plan to use bond proceeds for a stormwater conveyance project.
