Council refers several economic development and bond ordinances to finance committee, schedules Feb. 26 special meeting

At the start of new business, the clerk read several proposed ordinances addressing economic development loans, tax increment financing and revenue notes and referred each to the finance committee of the whole for detailed review.

Items read and referred included proposed ordinance 26-003 (a direct loan to the developer for the Garrison Fraser economic development project), 26-004 (authorization to issue taxable economic development tax increment revenue bonds for the South Main Street corridor project), 26-005 (issuance and sale of revenue notes to fund infrastructure improvements), and 26-007 (authorizing a direct loan to Anfantix Development Corporation). The clerk also read proposed ordinance 26-006, an amendment to the 2026 fire-department salary schedule; the presiding officer said, "If there are no objections, this will be passed on the second reading." The transcript shows the item proceeding toward disposition without extended discussion.

The council scheduled a special finance meeting for Feb. 26 to allow presentations and to consider second and third readings of the referred ordinances and resolutions. During scheduling the body discussed start time; the clerk initially announced a 5:00 p.m. start, and some members asked to move it to 5:30 p.m. for broader participation.

Council also read proposed resolution 26-R-07 establishing a reserve and liquidity policy and placed it in the finance committee of the whole.

No final votes on these referred ordinances were taken at this meeting; councilmembers indicated the items will return for action at the Feb. 26 special meeting.