MIDDLEBURG HEIGHTS, Ohio – At its Oct. 8 meeting, Middleburg Heights City Council unanimously passed legislation to finance the Southland Area Redevelopment Project through the issuance of $8.3 million in notes.
The first ordinance provides for the issuance and sale of $3.6 million of economic development nontax revenue bond anticipation notes “for the purpose of paying costs of acquiring lots and lands … for sale or lease for private redevelopment.”
Those parcels comprise 14.9 acres, 3.9 acres and 7.3 acres.
Smith Road, a critical Southland thoroughfare, will be redone as part of overall revitalization of that area. The second piece of legislation enables the issuance and sale of $4.7 million in notes in order to pay for comprehensive streetscaping, including Smith Road reconstruction, sidewalks, signage, traffic signalization, and utilities relocation and infrastructure work.
“Anytime you don’t have cash to do (projects like this), you have to go out and issue notes or bonds,” Middleburg Heights Finance Director Jason Stewart told cleveland.com after the council meeting.
“You‘re only going to do this for larger projects. It’s short-term borrowing.”
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