City staff updated the finance committee on the Landing project and related Cleveland Road roadway improvements, including the roundabout and signal work.

Michelle Reeder, a city staff member, told the committee that the city commission in July awarded a $19,300,000 contract for The Landing. She said the project is primarily backed by the Cleveland Road tax-increment financing (TIF) district and has an 18-month construction timeframe with a target opening in 2026.

Reeder said the city currently has $8,000,000 of the Landing funding on various-purpose notes; the plan is to go to permanent financing in 2026. She told the committee the Cleveland Road TIF carries a minimum annual payment of $550,000 and that there is existing roadway debt of about $2.3 million tied to prior improvements, scheduled to retire around 2031.

Committee members raised timing concerns in light of a proposed state constitutional amendment discussed by a member that could eliminate the real-estate tax. Reeder noted the city collects taxes and then distributes funds pursuant to contracts tied to debt service; she and committee members flagged a potential timing risk if a change to constitutional or state law were to take effect before the city issues permanent bonds for the Landing project.

On Cleveland Road construction, staff said the commission authorized bidding for the roundabout and associated work. The bidding window is anticipated to be 45–60 days; staff expects to return to commission with bids and an award recommendation within about two months and said the engineer’s goal is to finish the roundabout portion in spring before the season opens. The project includes signalization, sidewalks and other corridor components from the city limits to Sycamore Line.

Reeder said the Landing had a formal groundbreaking and that construction activity has started with contractor equipment on site. The committee did not take votes on project awards at this meeting; the update summarized commission actions and staff schedules.