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Council committees advance financing and contract for Southwood Drive extension
Summary
Committees discussed notes to cover Southwood Drive Phase 1 costs, planned rollover into a ~$9.25M bond next year, use of Ohio Market Access Program to lower interest, and a contract award to Cavanaugh Building Corp. for Phase 1 construction; TIF revenue and a developer land donation were presented as funding sources.
Council committees on Aug. 12 discussed financing and contracting steps for the Southwood Drive extension, with staff outlining a short-term note to cover Phase 1 costs and a planned bond issuance next year to finance additional phases.
The Finance Committee reviewed a second-reading ordinance authorizing notes up to $1,350,000 to pay or reimburse the city for Phase 1 costs. Finance staff said the plan is to issue short-term notes this year and roll them into a bond issuance next year of about $9.25 million that would also cover Southwood Phase 2 and the Arlington widening project. Staff said the Ohio Market Access Program — run by the Ohio Treasurer of State — would act as a standby purchaser to back the notes and lower interest costs; an illustrative coupon of 3.25% was cited if issuance costs are paid up front.
Planning and Transportation committee discussions linked the financing to procurement and property issues. Staff presented Resolution 2025-R31 awarding a contract to Cavanaugh Building Corporation for Southwood Drive Phase 1, describing the work as a roundabout and a short roadway segment, plus sidewalks and utilities. The low bid read into the record was $11,140,275; an engineers' estimate figure was also referenced during discussion. Staff said Aqua Ohio will reimburse the city roughly $130,140 for the water‑main portion of the work once installed.
Committee members noted the project’s TIF (tax-increment financing) district as the intended revenue source for future debt service; staff reported recent TIF receipts of roughly $268,000 for the first half of 2024 collections (received in 2025) and projected annual TIF revenue supporting bond payments as the district grows. Committees also noted donated right-of-way from the developer (Pulte of Jacobs Ridge and Atkins family contributions) that shortens acquisition needs for Phase 1.
No final bond issuance vote occurred in committee; staff said the city plans to go to market on Aug. 28 and to seek final council action at the regular meeting. The committees recommended scheduling these items for the council agenda so the city can complete procurement and move construction forward this year.
The council will consider the ordinance authorizing notes and the contract award at the regular council meeting; timelines presented anticipate Phase 1 construction and connection to Jacob’s Ridge this year, with Phase 2 targeted for next year.
