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Council approves resolution ending cityobligations for 2014 JDC Edwardsville IRB project
Summary
The Edwardsville City Council unanimously adopted Resolution No. 20 26 02 to execute documents that terminate the city's residual obligations and return full property rights related to a 2014 industrial revenue bond project for JDC Edwardsville 1 LLC.
The Edwardsville City Council on the recorded meeting approved Resolution No. 20 26 02 to authorize execution and delivery of documents tied to an option-to-purchase under a lease agreement connected with the city's $15,000,000 aggregate industrial revenue bonds for the JDC Edwardsville 1 LLC project (series 2014). Bridget Morse, bond counsel, said the company "has fulfilled its obligations" and that the action completes the process to return full rights in the property to the owner.
Why it matters: The measure closes out the city's remaining administrative obligations under bonds issued in 2014, formally ending the city's interest tied to the lease-and-leaseback structure. That clears the way for the property owner to hold and operate the site without further municipal encumbrances related to the bond series.
What the council did: The motion to adopt the resolution was moved and seconded on the record and approved by the council; the transcript records council members voting in favor.
What supporters said: Bond counsel Bridget Morse described the project as "an exciting success story for the city," saying the bonds were issued, paid and the project is operating successfully.
What to watch next: The transcript does not specify any follow-up reports or dates for related filings; implementation will proceed through the required execution and delivery of the closing documents.
