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Orrville council adopts up to $3.2 million in notes to finance industrial park land acquisition
Summary
On July 6, the Orrville City Council adopted Ordinance E-26 authorizing up to $3.2 million in taxable land-acquisition notes to help finance land for a third industrial park; the Electric Utility is expected to purchase the short-term notes and $800,000–$1,000,000 may come from general or capital funds.
Orrville City Council on July 6 adopted Ordinance E-26 to authorize the issuance and sale of not-to-exceed $3,200,000 in taxable land-acquisition nontax revenue notes to help pay costs linked to acquiring land for a proposed third industrial park.
The measure, described under Section 13, Article VIII of the Ohio Constitution and Chapter 165 of the Ohio Revised Code and tied to Section 165.01, allows the city to pledge nontax revenues and establish a dedicated fund. Council was told the city will use $800,000–$1,000,000 from general and/or capital funds and plans to use short-term financing that the Electric Utility would purchase; the notes would be renewed annually as needed.
Councilor Squirrell introduced the ordinance and moved to place it on first reading; Councilor Mace seconded that introductory motion. Squirrell then moved to suspend the rules requiring readings on three separate days so the ordinance could be adopted immediately; Councilor Lax seconded. The suspension and the adoption were approved by vote.
City officials framed the measure as the next step after council’s earlier approval of land acquisition for the industrial park and as a financing mechanism to bridge immediate costs. The ordinance text presented to council explicitly cites the Ohio constitutional and statutory authorities authorizing municipal land-acquisition financing.
The ordinance was adopted as read; the transcript records the outcome as "approved by vote" but does not include a roll-call tally in the record.
Council materials indicate the notes are intended as short-term financing to be repaid or renewed annually as part of the city's broader economic development strategy. A third reading of the annual budget is scheduled for July 20, which could affect the city’s broader capital plan.
