Council approves $4.5m in bonds for planned purchase of Tipp Plaza
On Monday, September 16, the Tipp City Council voted unanimously, 7-0, to move forward with authorizing bonds to fund $4.5M of the $7M needed to purchase the Tipp Plaza property. The Plaza is located on 12.15 acres at the corner of S. Tippecanoe Dr. and N. Main St.
The Ordinance passed by Council members authorizes the issuance of notes in order to obtain bonds for up to $4.5M, which will be used to purchase the property. Council also heard the first reading of an ordinance which will supply the remaining $2.5M from the general fund.
Prior to the vote, Council member Ryan Liddy explained that taking on the $4.5M debt would put Tipp City at only 50% of the City’s debt limit. The remaining $2.5M will be cash coming out of the City’s $9M General Fund. Liddy said these costs will not be put back on taxpayers, and there will be no increase in property or income taxes associated with this project. The entire $7M will be recouped in about 15 years. He stressed that it does make fiscally responsible sense to move forward.
Council President Kathryn Huffman noted that the City has a Funds Balance Policy, and the City has more in reserve than is required by the Policy. She also mentioned that there was a very studied approach to this project. The Tipp Community Improvement Corporation (CIC), which led the project, spent several years working to develop the vision and plans and was guided by an experienced, professional group, Woodard Construction.
Several Tipp citizens attending the meeting expressed thanks to the Council for pursuing the project, had questions related to the project, and encouraged Council to keep Tipp citizens continuously and fully informed of progress.
Before the Plaza funding vote, Council began the meeting with a Study Session, discussing three issues:
● Finance Director John Green provided an update on building the National Fitness Campaign Equipment, which came up $150,000 short of funds. Council members decided to delay the project until at least next year and suggested that the money would be better spent on Pickleball courts, which are becoming more and more popular.
● Green reviewed the recent 4th of July celebration, and Council members agreed that it should be expanded.
● Council members discussed the Second St. alley project, which would develop a paved path for a wheelchair-bound resident.
Council approved three Ordinances:
● Provide $4.5M to purchase notes in anticipation of acquiring bonds to purchase Tipp Plaza.
● Modify the 2024 Operating Budget to provide additional funds for previously unanticipated events in 2024, such as an increase in the police wage scale to become more competitive with comparable communities, refunds to corporations of paid estimated taxes, overtime in police and Fire/EMS departments, and cost increases for construction of electric facilities.
● Modify the Tipp City Code of Ordinances for various nuisances, but particularly for high grass and/or noxious weeds, regarding delivery of a written notice to a property owner or carer of land who failed to comply with the initial notice. The methods for delivering the written, second notice were modified as such: 1) handing the notice to the owner/land carer, 2) mailing the notice, or 3) affixing the notice to an associated building or post on the nuisance land (which seems to be the most effective).
Council then approved two Resolutions:
● Accept the tax rates levied on Tipp City by the Miami County Budget Commission, for fiscal year beginning Jan. 1, 2025.
● Auhorize Tipp’s City Manager to contract with the Ohio Department of Transportation (ODOT) to resurface Main St. (SR 571) from Weller Dr. to I75, with Tipp City responsible for 20% of the cost. ODOT is resurfacing SR 571 from W. Milton to Weller Dr.
Council members heard the first reading of two new Ordinances:
● Modify the 2024 Operating Budget to establish a new capital improvement fund of $3M, called the Uptown Redevelopment Project Fund. This new fund can be used to help purchase the Tipp Plaza property ($2.5M) and improve the property in the short-term. The Resolution calls for the $3M to be transferred from the City’s General Fund to the Uptown Redevelopment Project fund.
● Accessory dwelling units are presently allowed only for R1 zoned districts (single family). An accessory dwelling unit is a complete dwelling unit with its own kitchen, sleeping area, and full bathroom, and can be attached to, or be part of, a principal or accessory building, such as above a garage, or can be a separate structure. This Ordinance would also allow accessory dwelling units in R2 and R3 zoned districts (two family and multi-family), and would prohibit all accessory dwelling units from being used as “short term rentals”.
Council then adjourned.