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Council introduces municipal improvement district bond ordinance for developer-financed infrastructure
Summary
Council introduced an ordinance (first reading) to authorize issuance and sale of bonds related to a municipal improvement district (MID). The mayor said the developer and property owners would be responsible for repayment; council voted to advance the ordinance.
Council introduced an ordinance authorizing the issuance and sale of bonds in one or more series in connection with a municipal improvement district (MID). The mayor explained this is a developer-backed bond financing mechanism (a MID) and said the developer and property owners would be the responsible parties for payment, with related trust and disclosure agreements to be executed.
No public speakers offered comment on the MID during the hearing and the council moved to advance the item on first reading. Council described the item as an introduction and first reading of a public hearing; the motion to carry the ordinance forward was made and carried by voice vote.
