MADISON COUNTY might not pay the bond shortfalls for a TIF gone wrong on Galleria Parkway, said County Administrator Mark Houston.
“I don’t think the board is contemplating making up a shortfall, and I’m not even sure that, legally, we can,” Houston said.
Supervisors recently voted to pay just over $9,000 to Trustmark Bank, the bondholder, for the November interest payment on the Galleria TIF. But the amount due was approximately $30,000. The TIF had not brought in enough revenue to make the full payment.