“The lease payments are the bond payments basically,” said Martin Russell, executive director of the port authority.
The bonds would be issued through the authority’s Ohio Communities Accelerator Fund.
“We’re all pleased to be able to do this building project with the assistance of the Port Authority, as we’ve reached critical mass for operational and storage space in existing facilities owned by the township,” Administrator Matt Clark said Monday in an email response to questions.
The township plans to first construct the 17,000-18,000 square foot police station, as well as a road maintenance storage building, and then completely remodel the existing administration building.
Clark indicated the expansion would provide room to operate “as well as space to grow in the coming decades.” The $8.6 million is the total cost to finance the $7.4 million in construction over 20 years.
" It’s a credit to the board’s strategic decision-making and instincts in pulling the trigger on this plan right now. It’s very, very shrewd on their part to utilize the bond rating of the Port at this time, and to keep this debt off the township’s official books," Clark added.
In June, the trustees decided to seek an additional continuing fire levy and move forward with the building expansion.
The vote on the additional continuing 3.75 mills in property tax will be on ballots in Springboro and the unincorporated township in Nov. 3 presidential election.
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