Council receives first reading on $4.95 million bond‑anticipation notes for land acquisition

Assistant law director Jack Hemingway presented Ordinance No. 20 26‑o6 at the Feb. 3 Middletown City Council meeting, describing a request to authorize issuance and sale of up to $4,950,000 in notes in anticipation of bonds. The funds would be used to acquire approximately 30 acres along Union Road and State Route 122, to demolish existing structures, and to design and construct public infrastructure including water, sanitary sewer, stormwater utilities, roads, signals, curbs, gutters and sidewalks in support of a multi‑use economic development project.

City Manager Ashley Combs provided the staff context, noting prior actions in 2024 and 2025 related to land acquisition and issuance of bonds for the Renaissance Point project. Combs said the proposed authorization would enable the finance director to issue notes to bridge existing debt and maintain project obligations until long‑term bonds are issued, and that costs were being evaluated against TIF revenue projections.

Hemingway and staff stressed this was a first reading and no formal action was taken that evening. Council did not discuss or vote on the ordinance at the Feb. 3 meeting; staff indicated follow‑up materials and future readings or formal action would be scheduled as necessary.