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Council advances up to $7.5M in revenue bonds for 1401 Main Street mixed‑use project
Summary
Council moved forward on an ordinance authorizing taxable economic‑development revenue bonds (not to exceed $7.5 million) to support a proposed $51.1 million mixed‑use development at 1401 Main Street that would include about 192 multifamily units and 10,303 sq ft of retail; council members sought clarification about differing public figures for maximum bond amounts and the split between Series A and optional Series B bonds.
Staff told the council that Denton Floyd and Hogan Properties, doing business as George Apartment LLC, plan a Class A mixed‑use development at 1401 Main Street that would include roughly 10,303 square feet of retail and 192 multifamily units (36 townhomes, 28 two‑bedroom units and 128 one‑bedroom units), with an estimated project value of $51,125,000. The Clarksville Economic Development Commission voted unanimously to recommend issuing 2025 series bonds and recommended the council consider an issuance not to exceed $7,500,000.
Council members questioned inconsistent dollar amounts in public notices and prior materials: one councilmember said the public notice listed $6,000,000, an evening news report cited $2,510,000, and staff said $7,500,000 is the maximum bond principal. Staff explained $2,500,000 is the Series A amount intended for construction, an optional Series B could depend on future assessed valuation, and issuance costs, reserves and capitalized interest (estimated in the transcript) explain the difference between the $7.5M cap and the $2.5M construction allocation. Council advanced the ordinance and scheduled a second reading.
