Tipp City Council approves $4.25 million bond anticipation notes, budget amendment; authorizes grant application and utility takeover talks

TIPP CITY, Ohio — The Tipp City Council on Monday approved financing measures to support an Uptown land acquisition, amended the 2025 budget, authorized a state grant application for a waterline extension and agreed to pursue an agreement to take over a nearby private water and sewer system.

Ordinance 19-25, approved on second reading, authorizes the issuance and sale of bond anticipation notes in a maximum principal amount of $4,250,000 to pay the cost of acquiring roughly 12.15 acres near the intersection of West Main Street and South Tippecanoe Drive to support economic development. City staff said the notes will be reissued annually until tax increment financing (TIF) bonds are placed once development proceeds; the ordinance also includes an annual $250,000 debt paydown budgeted by the city.

The council also approved Ordinance 20-25, amending 2025 appropriations to authorize repayment of a 2024 advance and issuance of a 2025 advance of funds and to modify the annual operating budget to account for unanticipated events during the fiscal year.

Under resolutions, the council accepted…