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Commissioners approve amendment to support Butler County Finance Authority jobs bond fund; $1 million county contribution included on consent agenda
Summary
Commissioners approved, on the consent agenda, a first amendment to the memorandum of understanding with the Butler County Finance Authority that would consolidate prior annual contributions and provide a $1 million county contribution to a proposed Jobs and Development Bond Fund, bringing initial commitments to $3.5 million, finance staff said.
Dave McCormick, Butler County finance director, briefed the board on a proposal tied to the Butler County Finance Authority’s plan to create a Jobs and Development Bond Fund.
McCormick said Joshua Smith, president and CEO of the Butler County Finance Authority, previously presented a plan and sought to consolidate the county's three annual contributions of $250,000 into a single payment and to add $250,000 more so the county contribution would total $1,000,000. McCormick said outside commitments include roughly $1,000,000 each from the Community Foundation of Hamilton and the City of Hamilton and about $500,000 from the City of Middletown, bringing initial fund commitments to about $3,500,000.
McCormick asked the board to approve the First Amendment to the memorandum of understanding between the Butler County Board of Commissioners and the Finance Authority. The item was placed on the consent agenda and presented with other department resolutions; a motion to approve the resolutions "as submitted" carried on roll-call vote with Commissioners Carpenter, Rogers and Dixon each voting yes.
The amendment and funding plan were described in McCormick’s presentation as an initial capitalization step for the bond fund; specifics about fund governance, timing of disbursements and eligibility criteria were described as matters for the Finance Authority and the amended MOU and were not fully detailed in the county presentation.
The board’s vote approved the consent-agenda resolutions as presented; McCormick indicated staff would handle implementation steps tied to the amended MOU.
