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New Albany council authorizes $22.5 million in bond‑anticipation notes and advances Market Street extension
Summary
Council declared O‑30‑2024 an emergency and adopted an ordinance authorizing up to $22.5 million in bond‑anticipation notes to finance Market Street extension and Briscoe Parkway work; staff outlined a two‑phase construction schedule with phase 1 substantial completion targeted for July 1, 2025.
City finance and public‑works staff told the council they will move forward with short‑term bond‑anticipation notes of up to $22,500,000 to fund the Market Street extension and the next segment of Briscoe Parkway.
Bethany (Finance staff) explained the notes would be issued in anticipation of future general‑obligation bonds and would mature in one year or less with interest not to exceed 6.5 percent. Staff said pricing is targeted for Aug. 28 with a closing around Sept. 11 and that repayment could draw on TIF receipts, income‑tax set‑asides and other designated funds.
Public‑works staff presented the Market Street extension design and phasing. Phase 1 includes a new roundabout at Reynoldsburg‑New Albany Road, work across Rose Run Stream and connection toward Dublin‑Granville Road, with a substantial completion target of July 1, 2025; phase 2 would finish the remaining work with a target of Nov. 15, 2026. Staff described coordination with the New Albany Company, ODOT and nearby property owners, traffic detour plans during construction, and measures to discourage large trucks through the village center during the work.
The council declared the ordinance an emergency, waived second reading and adopted O‑30‑2024 by a 5–0 vote. Council also adopted a companion resolution authorizing advertising and contract actions for the Market Street extension.
Why it matters: the authorization accelerates cash availability to begin major transportation projects that staff and the strategic plan identify as necessary to reduce village‑center congestion and improve regional connectivity. The notes provide flexibility to evaluate longer‑term financing before committing to permanent bond issuance.
What's next: staff will proceed with pricing and financing steps, advance bid advertisement and contract award actions for the Market Street project, and continue coordination with ODOT and developers about traffic management during construction.
