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Council approves redevelopment bond ordinance; annual payment cap raised to $7.5M, road project list revised
Summary
The council approved Ordinance 25-49, consenting to redevelopment authorities’ lease/lease-rental bond issuance for road projects. The maximum annual lease payment was raised from $5.5 million to $7.5 million; three previously listed projects were removed and replaced with Westfield Boulevard Phase 2 and a roundabout at 160th Street.
The Westfield Common Council on Aug. 25 voted 6-0 to approve Ordinance 25-49, a consent measure permitting the redevelopment commission and redevelopment authority to execute a lease and to issue lease-rental bonds to fund specified road and land projects.
Zach Klutz, outside counsel with the Taft law firm, told the council the ordinance “approves and consents to the RDC's and RDA's execution of the lease agreement” and authorizes the redevelopment authority’s issuance of bonds. He said the ordinance sets parameters that the bonds will not exceed $40,000,000 in principal, the lease and bond…
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