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Milford Council approves $1.25 million bond anticipation notes to buy downtown parcels for redevelopment
Summary
Council adopted Ordinance 26‑431 to issue taxable bond anticipation notes up to $1.25 million to acquire seven parcels in downtown Milford, with council saying the notes will be interest‑only initially and demolition costs will be pursued with outside funding; vote was unanimous.
Milford City Council voted unanimously Feb. 3 to authorize bond anticipation notes of up to $1,250,000 to acquire seven parcels downtown that the city has targeted for cleanup and redevelopment. The ordinance (26‑431) allows the city manager to execute purchase contracts and authorizes notes to be issued in anticipation of later bonds.
City Manager Ben described the financing plan as an interest‑only approach intended to avoid a large upfront payment. “So instead of writing a big upfront cost or check, what we effectively are doing is we’re paying interest on that principal amount,” Ben said, explaining the notes would be a short‑term tool while the city seeks a developer or other…
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