Ordinance 08-22
To: Members of Dublin City Council
From: Dana McDaniel, City Manager
Date: March 1, 2022
Initiated By: Matthew L. Stiffler, Director of Finance
Re: Ordinance 08-22 – Issuance and Sale of Bonds (Riverside Crossing
Park 2021)
Staff is preparing for the issuance of bonds totaling $5.7 million for the 2021 phase of the
Riverside Crossing Park previously approved in the 2021 – 2025 Capital Improvements Programs
(CIP).
On September 28, 2020, City Council approved Ordinance 21-20 (2021-2025 CIP)
authorizing $5.7 million in new debt for the construction of the 2021 phase of Riverside
Crossing Park. At that time, Council indicated their desire to delay a final financing decision
on this project.
On June 28, 2021, City Council approved Ordinance 24-21 authorizing an advance of $5.7
million from the General Fund through the Bridge Street District Fund to the Capital
Construction Fund in order to provide cash funding for this project.
On February 28, 2022, City Council discussed the project’s financing and directed staff to
finalize the project’s financing by utilizing debt financing.
Repayment of this debt will be from income tax revenues and tax increment financing revenues
generated in the Bridge Street District as those revenues become available.
The bonds authorized by this o rdinance will be amortized over a 20-year period.
The expectation is that staff will engage with the one rating agency regarding these bonds in early
April with pricing to occur in late April and closing to occur around May 10 th.
Recommendation
Staff is requesting approval of Ordinance 08-22 at the second reading/public hearing on March 21,
2022.
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614.410.4400 • Fax: 614.410.4490 Memo