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Forest Park approves special-assessment refund agreement for Forest Fair Mall redevelopment
Summary
Forest Park City Council adopted Ordinance 16-20-25 on June 2, authorizing a special-assessment refund agreement with Cincinnati Holding Company LLC to return any surplus special assessments tied to Forest Fair Mall once bond obligations are defeased.
The Forest Park City Council on June 2 adopted Ordinance 16-20-25 to authorize a special-assessment refund agreement with Cincinnati Holding Company LLC for the Forest Fair Mall redevelopment project.
Councilmember Adams said the agreement outlines how the city will return surplus special-assessment payments previously collected to repay bonds issued for public infrastructure at the mall site.
Under the ordinance, the remaining bond obligations are expected to be defeased and paid in full through the sale and transfer of the mall property; any special-assessment funds that were collected but are no longer needed to satisfy those bonds will be returned to payers. The council declared an emergency when adopting the ordinance, and the motion passed on a 6-0 roll call vote.
Law Director and Acting Clerk John Wyckoff read the ordinance title for the record. Mayor Holt moved to adopt the ordinance and urged adoption during the meeting. The acting clerk then recorded the roll call votes: Adams (yes), Brown (yes), Clark (yes), Holt (yes), Moore (yes) and Sylvester (yes).
No dollar amounts for potential refunds were specified during the discussion. The ordinance authorizes the city to enter the refund agreement and directs staff to implement the refund process consistent with the terms of that agreement and applicable procedures.
The ordinance is intended to ensure that property owners will not continue to pay special assessments that are unnecessary after the underlying bond obligations are satisfied. Further administrative steps — including execution of the contract with Cincinnati Holding Company LLC and coordination with the county treasurer on refunds — were referenced but no additional timelines were given.
