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Orrville council adopts up to $3.2 million note to finance third industrial park land acquisition
Summary
The Orrville City Council approved Ordinance E-26 on July 6, authorizing up to $3.2 million in taxable land-acquisition notes to help finance land for a third industrial park; the council suspended the usual three readings and adopted the measure as read. The Electric Utility will purchase the note and the city expects to use $800,000–$1 million from general or capital funds.
The Orrville City Council voted July 6 to adopt Ordinance E-26, authorizing the issuance and sale of up to $3.2 million in taxable land-acquisition nontax revenue notes to finance part of the city’s purchase of land for a third industrial park. Council member Squirrell moved to suspend the requirement that ordinances be read on three separate days; Council member Lax seconded and the motion carried. Squirrell then moved to adopt Ordinance E-26 as read; Lax seconded and the ordinance was approved by vote.
The ordinance text cites Section 13, Article VIII of the Ohio Constitution and Chapter 165 of the Ohio Revised Code as the legal framework for issuing the notes. City discussion said the financing structure contemplates using $800,000 to $1,000,000 from the city’s general and/or capital funds and that the note will be purchased by the Electric Utility, with renewals to occur annually to provide short-term financing for the land acquisition.
Council members noted the action follows earlier council approval to acquire land for the industrial park. The ordinance also establishes an account or fund for the purpose, approves related documents and declares the measure an emergency so adoption could occur immediately.
The record as reported at the meeting shows motions and seconds from council members and that the council approved the suspension of rules and adoption by vote; the transcript did not record individual roll-call tallies in the minutes distributed at the meeting. The city indicated the notes are intended to support job creation and economic development in Orrville and the state.
Next steps identified at the meeting included routine administrative actions to set up the fund and documents necessary to issue the notes; no further public hearings were announced at the July 6 meeting.
