Council authorizes up to $2.02 million bond anticipation notes for Spangler Road improvements

Fairborn City Council voted unanimously on June 6 to approve Ordinance No. 16-16, authorizing the issuance and sale of notes in an amount not to exceed $2,015,500 to finance Spangler Road improvements.

Finance Director Randy Groves summarized the project history, saying "The project construction began in 2014 with road widening, grade change at the railroad crossing, water and sewer extension, storm water improvements and intersection improvements at Spangler Road and State Route 444." He said $1.6 million covers last years bond anticipation note and capitalized interest, and $388,000 represents prior reimbursable project expenditures (engineering, Norfolk Southern plan review and flagging, water/sewer improvements and right-of-way easements paid with cash) now combined into this debt issuance. Groves told council the I-675 corridor Tax Increment Financing district was set up so any new development there would help pay the improvements and that the city intends to roll notes over as needed until development generates sufficient TIF revenue.

Council waived the three-reading rule and adopted the ordinance by unanimous voice vote. The ordinance authorizes the city to issue notes and later roll them into bonds as revenue becomes available.