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Lebanon council adopts $20.5 million bond to back NewCold Phase 3 expansion
Summary
The Lebanon City Council on Jan. 12 approved a bond ordinance authorizing up to $20.5 million in taxable economic development revenue bonds for NewCold’s Phase 3 expansion; city staff and consultants said bonds will be repaid from TIF revenues and carry a company guarantee if tax increment falls short.
Lebanon’s City Council voted to adopt Bond Ordinance 2025-32 on Jan. 12, authorizing the issuance of taxable economic development revenue bonds not to exceed $20,500,000 to help finance NewCold USA’s Phase 3 cold-storage project.
City legal counsel Catherine Fanello summarized the ordinance and accompanying documents, and Baker Tilly analyst Annika Sineken presented an updated feasibility analysis. Sineken said the proposed bonds would be repaid from tax-increment financing (TIF) generated by the Phase 3…
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