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Lebanon council approves $3.2 million bond for Paddock Place workforce housing project
Summary
Lebanon City Council approved Ordinance 2025-33 on second reading on Oct. 27, authorizing the issuance of up to $3.2 million in taxable economic-development revenue bonds to support public infrastructure for the Paddock Place multi-family project.
Lebanon City Council approved Ordinance 2025-33 on Oct. 27, authorizing the issuance of taxable economic development revenue bonds for the Paddock Place project and related actions.
The ordinance authorizes an aggregate principal amount not to exceed $3,200,000 in taxable economic-development revenue bonds to help offset costs for public infrastructure associated with Paddock Place, a market-rate multi-family project on the city's north side. City staff told the council the overall project is anticipated to result in approximately $58,500,000 in private investment in the area.
City staff said the Economic Development Commission held a public hearing and found, based on factual findings in its resolution, that the project would not have an adverse effect on the city; the council confirmed those findings before voting. The ordinance describes general terms for the bonds: dated as of issuance, maturing no later than 25 years after issuance, and bearing interest not to exceed 9 percent; it also authorizes the mayor and clerk-treasurer to execute related agreements.
Developer representatives said Paddock Place will include conventional apartment units and townhome-style row homes, and that part of the reason for public financing is to cover significant public infrastructure costs such as road construction, stormwater detention and water-main extensions. City staff emphasized the bonds are to support public-side infrastructure tied to the project rather than subsidize private construction costs.
Council members asked staff and the developer for clarifying details about the project scope and infrastructure; those questions were answered in the meeting but the ordinance itself sets general borrowing and approval authority. The council approved the ordinance on second reading by voice vote.
The council's action does not specify the exact bond purchaser, final interest rate or definitive repayment schedule; those details are to be set at closing under the authority granted by the ordinance.
