City Saves Taxpayer Dollars by Retiring Bonds

Published on June 18, 2026

This year marks a major financial milestone for the City of Powell and the Liberty Community Infrastructure Financing Authority (LCIFA) as the remaining debt used to construct public infrastructure supporting the Golf Village development will be fully repaid.

One of the most immediate impacts of retiring the debt will be reduced property tax obligations for qualifying property owners.

“This action is expected to reduce property tax bills for more than 1,500 Golf Village property owners living within Powell city limits by an average of approximately $1,800 annually,” said LCIFA Board Chair George Black.

The debt originated as part of the development of Golf Village, when the developer utilized provisions under Ohio Revised Code Chapter 349 to establish the LCIFA as a financing mechanism for infrastructure improvements needed to support the community’s growth. This approach allowed infrastructure investments to occur alongside development, with repayment tied to future revenue generated within the district.

In 2007, community representatives assumed control of the LCIFA Board and began a long-term effort to stabilize the financing structure, limit future obligations and reduce annual operating expenses. At that time, revenues generated within the district were not sufficient to cover annual interest payments, and projections indicated the debt was unlikely to be repaid under the existing structure without significant financial intervention.

Over the next 19 years, the City and LCIFA worked collaboratively to improve the financial outlook of the district. The City supported multiple refinancing efforts by leveraging its credit rating to secure the lowest possible interest rates available. Through three refinancing actions and disciplined financial management, the City and LCIFA steadily reduced costs and accelerated repayment of the remaining balance.

Last fall, Powell City Council, in partnership with the LCIFA, approved legislation authorizing the early redemption of the City’s Series 2015 Refunding Bonds. Approximately $1.695 million remained outstanding and was redeemed in December 2025, allowing the debt to be retired ahead of schedule.

“This decision reflects the City’s commitment to smart financial stewardship and protecting taxpayer dollars,” said City Manager Andy White. “We are reducing long-term debt and improving the City’s financial flexibility, allowing us to invest more effectively in services and infrastructure that benefit residents.”

The annexation and continued development of Golf Village also played an important role in Powell’s growth by expanding the City’s tax base and supporting long-term community investment.

City leaders noted that this outcome reflects nearly two decades of cooperation among City Council, the LCIFA Board and City departments that remained committed to reducing debt obligations while protecting taxpayers.

With the retirement of this debt, the City closes a significant chapter in Powell’s financial history and delivers a long-term benefit to residents through lower tax obligations and strengthened financial sustainability.