Lexington council ratifies executive-session report and approves TIF bond rollover, authorizes MOU to let Jim Hudson Ford move forward

LEXINGTON — The Town of Lexington council on Feb. 17 ratified an executive-session summary and approved two financing and development actions intended to allow a local dealership to proceed with construction and to refinance two tax-increment financing (TIF) projects.

Mayor Hazel Livingston opened the special-called meeting and reported the council had met in executive session to discuss a proposed memorandum of understanding with Jim Hudson Ford and a proposed vision plan agreement. The council moved to ratify that executive-session report; the motion carried with six votes in favor. Council Member Gavin Smith did not take part in the executive session and therefore did not vote on the ratification.

Why it matters: the council’s votes clear the way for short-term financing and for a developer to secure a building permit, actions that affect downtown access and municipal TIF obligations.

Council later considered a resolution to authorize a refunding rollover of Corley Mill TIF bonds, which are due March 12, 2026, and to issue bond anticipation notes for the Corley Mill and Ice House TIF projects through the Sak Aagatha Public Facilities Corporation. Council Member Gavin Smith introduced the resolution, saying the rollover is required to meet the March 12 deadline: “The refunding rollover of the Corley Mill TIF bonds which is due on March 12th, 2026 requires a resolution from town council.” The council voted to adopt the resolution; the mayor said the vote was unanimous.

The resolution authorizes the bond rollover and related financing matters for the two TIF projects. The resolution packet included the town’s determination to proceed with bond anticipation notes and documentation that the Sak Aagatha Public Facilities Corporation had authorized financing on behalf of the projects.

On the final business item, Mayor Pro Tem Todd KS described a memorandum of understanding prepared for Jim Hudson Ford, located at 1201 West Main Street, that would allow the company to obtain a building permit for a heavy-truck service building. The MOU lays out responsibilities for relocating the West Main Street driveway, dedicating right-of-way for a future right-turn lane and providing financial assurances. Mayor Pro Tem Todd KS moved to authorize staff to enter the MOU; the motion was seconded and the council approved it unanimously.

Council members thanked Jeremy of PFM Financial for attending and answering questions about the financing. No members of the public or press asked questions about the three actions during the meeting’s public-comment opportunity. The mayor adjourned the special meeting and the council paused briefly before starting a recorded work session.

Actions at a glance: • Executive-session report ratification — Motion approved (6 in favor; one member did not vote because of nonparticipation in the executive session). • Resolution authorizing Corley Mill and Ice House TIF bond anticipation notes — Adopted unanimously. • Memorandum of understanding with Jim Hudson Ford (1201 West Main Street) — Approved unanimously; authorizes staff to finalize MOU terms to allow building-permit issuance.

Next steps: The Corley Mill TIF rollover is scheduled for March 12, 2026; council staff and the town’s financial advisor will proceed with the financing steps included in the resolution. The council did not schedule additional public hearings on these items during the special meeting.