Dublin City Council voted 7-0 on Feb. 10 to approve a measure that would allow work to begin on a pair of big-ticket projects: Riverside Crossing Park and Dublin Community Pool North.
The measure is for the issuance and sale of bonds in the maximum principal amount of $20 million for the park and pool complex, according to the council meeting agenda.
Riverside Crossing Park is the next major piece of the the Scioto riverfront development project in Dublin, Mayor Greg Peterson has said.
Dublin’s Bridge Street District on the east side of the river and the Historic District on the west side will be connected by the pedestrian bridge in the new park, he said.
The upper plaza will be the first phase of the project and is expected to take about 8 to 10 months to be nearly completed, Dublin Parks & Recreation Department director Matt Earman has said.
The phase will include removing a temporary path to the pedestrian bridge and creating a more direct pathway as the upper plaza is fully completed, he said.
The second phase of the project will include the lower plaza, lawn space and shared-use paths, which are anticipated to be completed in 2022, Earman said.
The pool project will include demolition and replacement of Dublin Community Pool North, according to a request for proposal the city posted on its website Oct. 17.
New work will include site development, site utilities, parking expansion, construction of three new pools with water features, construction of a new bathhouse and potential rehabilitation of current structures and splash pad, according to the document.
In layman’s terms, a bond, which is a debt security, is similar to an IOU. The issuer is a borrower; the holder is a lender.
According to the Jan. 14 memo, council members in December approved a guaranteed maximum price of $12.96 million for the construction of Riverside Crossing Park. The city plans to repay the debt with income-tax revenue, although service payments from tax-increment-financing districts within the Bridge Street District are eligible to pay down the debt, as well.
A TIF is an economic-development mechanism available to local governments to finance public-infrastructure improvements and, in certain circumstances, residential rehabilitation, according to the Ohio Development Services Agency.
A TIF locks in the taxable worth of real property at the value it holds at the time the authorizing legislation is approved, diverting resulting incremental revenue to designated uses, such as funding necessary improvements or infrastructure to support a new development.
Council members in August authorized the city to issue $6 million in new debt for the North Pool, according to the memo, and construction contracts and other project expenses are anticipated to come in subsequent months.
The city plans to repay this debt from income-tax revenues and user fees, according to the memo.