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Tipp City authorizes notes to pursue Plaza acquisition; residents press for more detail
Summary
Council approved authorization to issue up to $4.5 million in notes toward a planned $7 million Plaza property purchase to support Uptown redevelopment; city staff and a Woodard Development representative described due diligence and a projected 15-year return, while residents asked for clearer timelines, demolition funding and who will carry bond costs.
TIPP CITY, Ohio — Tipp City Council on Monday authorized the issuance and sale of notes up to $4.5 million to allow the city to pursue acquisition of roughly 12.15 acres near West Main Street and South Tippecanoe Drive, a move council leaders and staff framed as the financing step toward a possible $7 million purchase and long-term uplift of the Uptown Plaza property.
"This is how we do something with the plaza," City Manager Ryan Green told council, describing a financing package intended to pair $4.5 million in debt with about $2.5 million in cash from the general fund to reach a $7 million purchase price. Green said the city is negotiating…
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