Borough adopts mortgage authorization and $5.03 million general-obligation note to close Manor Street property financing

Columbia Borough Council on Sept. 23 adopted two finance ordinances tied to closing a property transaction at 1020 Manor Street and to authorize debt to support planned projects.

Ordinance 963 of 2025 grants the Commonwealth Financing Authority (CFA) a mortgage on the property located at 1020 Manor Street; the ordinance was presented as a required step to comply with CFA closing requirements. Council held a roll-call vote and approved the ordinance with all members voting yes.

Council then adopted Ordinance 964 of 2025 to authorize issuance of a general obligation note in the principal amount of $5,028,030. Council held a roll-call vote to approve the note; council members voted in favor and the mayor and staff arranged signatures so the bond counsel and bank documents could proceed. Staff said the ordinance amendment also requires the principal repayment to begin no later than two years from the day of the project per program requirements.

Why it matters: Both ordinances are necessary legal steps for the borough to proceed with borrowing and to satisfy CFA financing conditions tied to the Manor Street property and associated project work. The general-obligation note creates a formal debt obligation of the borough at the stated principal amount.

Meeting context: The ordinances were presented under action items; council voted by roll call to adopt both ordinances and staff arranged signatures to proceed with closing and advertising requirements.