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Council approves first reading of $9 million revenue note to buy Riverside Inn, advance Railroad Square improvements
Summary
On first reading, the New Port Richey council authorized non-ad valorem revenue notes up to $9 million to buy the Riverside Inn (7631 US-19) and fund Railroad Square phase 1 improvements; staff said bids for the note are due the next day and a second public hearing was set for April 15, 2025.
The New Port Richey City Council conducted the first reading and voted to approve an ordinance authorizing non-ad valorem revenue notes in an aggregate principal amount not to exceed $9,000,000 to finance acquisition of real property at 7631 U.S. Highway 19 (the Riverside Inn) and capital improvements including Railroad Square Phase 1.
City staff told the council the city entered a purchase agreement with Suncoast Motels on Oct. 1, 2024, with a purchase price of $5,500,000; an additional $3.5 million was described for capital improvements and closing costs, and the proposed financing would be issued as city non-ad valorem revenue notes. Bond counsel (Brian Miller Olive) drafted the ordinance, and the city manager said bids for the note would be received the next day at 3 p.m.; the council set a second public hearing for April 15, 2025.
Council discussion focused on redevelopment goals for the Downtown/US-19 corridor and the opportunity for the CRA to assemble property to attract private development. Several council members voiced support for acquiring the property as part of a longer-term vision to revitalize the riverfront and tie into other CRA projects, with one member advising careful business planning to ensure repayment and minimize risk.
The ordinance was approved on first reading; staff recommended and the council agreed to proceed to second reading and the April public hearing to consider bids and additional details.
