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Galion council suspends rules and adopts Ordinance 2025-21 to allow lender assignment of CRA agreement
Summary
The Galion City Council voted unanimously to suspend the rules and adopt Ordinance 2025-21, authorizing a limited assignment of a Reinvestment Area (CRA) agreement to a lender for a private redevelopment project after staff and the law director negotiated language acceptable to all parties.
The Galion City Council voted unanimously Tuesday to suspend the rules and adopt Ordinance 2025-21, allowing a limited assignment of a Reinvestment Area (CRA) agreement to a lender tied to a private developer’s financing.
Council members said the change was necessary to enable the developer’s lender to take the CRA agreement if the new limited liability company that holds the project could not perform. "I would like to suspend the rules and, pass 20 25 dash 21," Council Member June George said during the meeting. The motion to suspend the rules was seconded by Council Member Palmer and carried on a roll call vote.
The ordinance implements an assignment mechanism that city staff and…
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