Wheeling council approves up to $12 million Ogilvy Park revenue bond to fund lodge and zoo projects

Wheeling — The Wheeling City Council unanimously adopted an ordinance Oct. 21 authorizing the issuance of not more than $12,000,000 in Ogilvy Park improvement revenue bonds to finance a portion of improvements at Oglebay (Ogilvy) Park.

Park representatives Jim Gardil and Bob Peckinpaugh told the council during a public hearing that the Park Commission will pledge gross revenues to repay the bonds and that a single purchaser, West Bank Road Bank, is expected to buy the private placement. “This is a $12,000,000 bond issue … the park commission will pledge gross revenues to repay the bonds,” Gardil said. Peckinpaugh described project work the bond will fund, including the final punch-list work on the Lakeside Wing renovation at Wilson Lodge, three two-bedroom villas adjacent to the lion habitat that would offer overnight lodging, and upgrades to the Good Zoo arrival, retail and food-and-beverage areas.

The presenters emphasized the structure is conduit financing under a federal statute that allows the city to act as a conduit and that the city will not be obligated for repayment. “We had no impact on our credit rating. We’re not obligated for the repayment of the bonds. We’re just a conduit,” a city official clarified during questions. Council members asked for construction timing and habitat details; presenters said the lodge and zoo work is expected to be complete by June and that the zoo lodging concept is tied to conservation fundraising.

The ordinance authorizing the Ogilvy Park improvement revenue bond series 2025 was moved and seconded and adopted by voice vote with no roll-call names recorded.

The bond ordinance authorizes sale terms and provisions, provides for cost of issuance, and includes provisions for rates, remedies and security for registered owners of the bonds. Park officials said the bond will fund multiple projects at Wilson Lodge and in the zoo and that proceeds from the lodging and exhibits will help support conservation efforts.

Council took the item up during the unfinished business portion of the meeting following the public hearing; no public opposition was recorded.

Provenance: The hearing and presentation were introduced at the public hearing called by the mayor and began at 00:02:29 (timecode 00:02:29). The ordinance reading and adoption appear in the minutes under unfinished business at 00:09:34 (timecode 00:09:34).