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Sabula council designates urban renewal area and approves gas‑supply amendment with PEFA
Summary
The council approved Resolution No. 1383 designating an area as appropriate for urban renewal and adopted Amendment No. 1 to the Sabula Urban Renewal Plan, then approved a related amendment to the city’s gas supply agreement with PEFA, Inc. and authorized related bond actions.
The Sabula City Council on March 24 approved a resolution designating part of the city as an economic development and blighted area and adopted Amendment No. 1 to the Sabula Urban Renewal Plan, finding rehabilitation and redevelopment necessary for public health, safety and welfare.
Dave Ward made the motion to approve Resolution No. 1383, seconded by Mike O’Hara; the motion carried with all ayes. The resolution designates the identified area as appropriate for urban renewal projects and adopts the stated amendment to the city’s urban renewal plan.
Council immediately followed with approval of Resolution No. 1384, authorizing execution of an amendment to the city’s gas-supply agreement with PEFA, Inc., approving the issuance of bonds by PEFA, Inc. in connection with a gas prepayment project, and related matters. Mike O’Hara moved to approve the amendment; Dave Ward seconded and the motion passed unanimously.
The council did not specify financial amounts or bond terms at the meeting. Councilmembers characterized these votes as authorizations to proceed with the stated agreements and plan amendment rather than final bond sales or construction contracts.
What’s next: staff should provide the council with written documentation of proposed bond terms and any legal documents required to finalize changes to the gas-supply agreement and to implement the urban renewal amendment.
