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Finance committee considers $2.75M private placement and TIF plan to unlock housing project
Summary
Committee reviewed a staff proposal to issue $2.75 million in private‑placement debt to fund $1.4M of infrastructure and a ~$1.2M land purchase to enable a Casto/Capstone housing development; members pressed for guarantees, a fund‑impact analysis and legal documents before committing.
Findlay City staff outlined a financing and land‑acquisition proposal intended to unlock a private housing project in a recently established tax‑increment financing (TIF) district. Staff described a recommended private‑placement debt issuance totaling $2.75 million on a 10‑year schedule to cover approximately $1.4 million in infrastructure (road, water, sewer, storm) and roughly $1.2 million to secure 21 acres of land that the city could hold for future connectivity and park/open‑space use.
Staff said the annual debt service on a $2.75 million issue is roughly $333,000 per year for 10 years. The…
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