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Council adopts bond resolution authorizing $11.335 million economic development bonds
Summary
The Smyrna Mayor and Council approved Resolution 2025-012 authorizing issuance of federally taxable economic development revenue bonds in the original amount of $11,335,000 and approved related bond documents for a downtown redevelopment project.
The Smyrna Mayor and Council on June 16 adopted Resolution 2025-012 authorizing issuance of federally taxable economic development revenue bonds in the original principal amount of $11,335,000 and approved associated bond documents for a downtown redevelopment project.
Mr. Jones explained the Downtown Development Authority had taken required actions and recommended adoption of the resolution, which amends language in an earlier letter of intent. The city will execute a bond purchase agreement, intergovernmental economic development agreement, assignment and security agreement, and a bond placement agreement as part of the adoption.
Council discussion framed the financing as an opportunity to influence redevelopment on the Emery Adventist site, with members speaking in favor of shaping a project that would be attractive to residents. A Ward 6 council member moved to approve the item; the motion received a second and the council recorded a unanimous vote.
The resolution authorizes the mayor to sign and execute all related documents. City staff did not disclose bond purchaser names at the meeting; financial closing and other implementation steps were not discussed in detail during the public session.
