District at Eastover Bonds

At a glance

What: Tax increment financing bonds for the District at Eastover project.
Where it stands: On December 2, 2025 Council amended and restated its June 17, 2025 bond resolution and authorized Series 2026 bonds of up to $4,800,000, 7-0.
Next: Sale and closing of the bonds under the approved private placement or bond purchase agreement.

The June 17, 2025 resolution authorized Series 2025 bonds of up to $2,553,000 for infrastructure. The restated resolution authorizes Series 2026 bonds up to $4,800,000 to pay infrastructure costs, refund and restructure part of the outstanding Series 2018 District project bonds (original principal $4,447,000; refunding up to $2,247,000), and pay issuance costs.
It also covers reimbursing the developer for part of the infrastructure costs, and approves forms of a private placement agreement or bond purchase agreement.
Moved by Parkinson, seconded by Hartley; yeas all seven members. Stokes rejoined the meeting during the discussion.

Amended and restated bond resolution adopted 7-0, raising authority to $4.8 million.