SPRINGBORO — The city took its first step Thursday toward issuing $1.2 million in bonds to finance construction of a road and other improvements for development of a $38.9 million office campus just south of the Austin Boulevard interchange.
Synergy Building Systems, a Mills development company based in Beavercreek, has agreed to develop a campus of 10 office buildings over the next decade on the remaining land in the city’s business park.
Within a month, Synergy — which lists a portfolio of 1.7 million square feet in office space in the Dayton, Cincinnati and Columbus markets — plans to submit to the city master plans for the development, Synergy Development Director Todd Duplain said.
“We’re not quite there yet,” he said.
On Thursday, Springboro City Council passed to a second reading a resolution to issue notes in anticipation of issuing tax-free bonds to finance the project.
The bonds, expected to pay 6 percent interest, are to be sold by RBC Capital Markets in Cincinnati.
The city will use payments from Synergy in lieu of 75 percent of property taxes on the improvements to pay off the debt.
The Mills company purchased the first 3.8 acres from the city, with an option on 31 acres, most of the remaining undeveloped land in South Tech Business Park.