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Council adopts resolution of intent for up to $118 million industrial revenue bonds for Spring Hill Townhomes Project
Summary
Spring Hill adopted Resolution No. 2026-R-10 declaring the city's intent to issue taxable industrial revenue bonds in an amount not to exceed $118,000,000 to enable a sales‑tax exemption on construction materials for the Spring Hill Townhomes Project; the motion passed 4-0-0.
The Spring Hill City Council voted on June 11 to adopt Resolution No. 2026-R-10, declaring the city’s intent to issue taxable industrial revenue bonds (IRBs) in an aggregate principal amount not to exceed $118,000,000 for the Spring Hill Townhomes Project. The stated purpose in the resolution is to enable a sales‑tax exemption on construction and building materials for the multifamily development.
The motion to approve Item 19 was made by Council President Phillip Thron and seconded by Councilmember Mike Grant; the motion passed 4-0-0. The resolution documents the council's intent and is a procedural step that allows the municipality to move forward with authorizing a sales‑tax exemption tied to industrial revenue financing; it does not itself issue the bonds or finalize project financing.
Next steps: Adoption of a resolution of intent typically precedes subsequent approvals (bond issuance, final agreements, or tax exemption ordinances) and does not constitute final financing. The transcript includes no public testimony for or against this action at the meeting.
