Salem council approves up to $120 million in revenue bonds for Shepherd of the Valley project

Salem City Council on Oct. 21 unanimously approved an ordinance authorizing the issuance of hospital facility revenue bonds of up to $120,000,000 for the Shepherd of the Valley obligated group.

The ordinance, read into the record and passed with the emergency clause, authorizes the city to execute leases, subleases, trust indentures and other documents necessary to issue revenue bonds to support the Shepherd of the Valley project. Mayor Dickey urged council to back the measure, calling the project “a big incentive” that will “bring housing that has been asked for for years by our seniors.”

Councilman Noll moved that the clerk read the ordinance by title and later moved to suspend statutory rules so the ordinance could be read and passed the same evening. The council recorded a roll-call vote in which every member answered “yes.” The ordinance includes an emergency clause, allowing immediate effect as declared by council.

The ordinance text as read identifies the bonds as “City of Salem, Ohio hospital facility revenue bonds, series 2025, Shepherd of the Valley obligated group,” and authorizes related certificates and agreements; it sets the maximum aggregate principal amount of the bonds at $120,000,000 and authorizes execution of related financing documents.

The mayor said the project will bring senior housing and increased property tax value. No amendments or alternative financing terms were recorded during the meeting. The council did not attach additional procedural conditions in the meeting minutes.

Council members present for the vote included: Mr. Noll, Mr. Zellers, Mrs. Baer, Mrs. Bricker, Mr. Harrington, Mr. Stockman, Mr. Null and Mr. Sellers. The ordinance passed by unanimous vote and was declared an emergency.