OXFORD — Oxford City Council voted to repeal a resolution they passed in their very last meeting and “start fresh.” during a meeting on Tuesday, June 6.
Council voted to repeal a measure authorizing Miami University to implement road and traffic control improvements in the vicinity of Patterson Ave., Spring St., and Maple St. based on the Baker Traffic Engineering and Campus Circulation Study.
On May 16, council passed the resolution including various recommendations from the Miami University-commissioned study. Council approved the recommendation with one modification.
At the June 6 meeting, council voted to repeal that resolution, and put the original resolution back on the agenda, since representatives from Miami University were not able to speak during the May 16 meeting.
Miami University representatives spoke during a hearing open to the public, and then council deliberated on the issue. Council members voted three to two, denying the proposition which needed a majority vote of council.
In other business, Moon Co-Op is requesting both a continuation of its existing Revolving Loan Fund (RLF) loan modification for another year and to adjust the monthly payments to $1,200 per month.
Over the last 12 months, the payments were $1,000 per month. Both of these amounts are below the normal RLF payment amount of $1,855.74.
Moon Co-Op entered into a five year, $245,000 RLF agreement with the City of Oxford on May 6, 2011. Moon Market opened in November 2011.
In May 2012, the city approved a loan modification of Interest Only payments. This action was repeated for 2013 and 2014. These payments were $516.68 per month.
In May 2015, the city approved both re-financing the Moon Co-Op RLF loan and a one-year payment modification. The five-year three percent loan was refinanced to a 10-year 1 1/2 half percent loan, and the payments were modified to $700 per month for one year.
In May 2016, the city approved both extending the loan for one year and allowing adjusted payments of $1,000 per month to occur during the extension year.
In May 2017, Moon met with city staff to discuss the RLF loan. While Moon is not financially able to resume full loan payments, they are able to once again increase their monthly payments (as they have been doing over the past several years.) This new payment will be a monthly amount of $1,200. The CIC Loan Review Committee and the full CIC both felt it is in the best interest of the sustainability of the market and public RLF fund to grant the modification request.
Economic Development Director Alan Kyger added, Moon Co-Op is current on all of the scheduled payments. He added, “”Currently their balance is roughly $192,000 and made roughly $84,000 in payments over the course of this loan. As you can see from that number they are making payments to the City of Oxford. We are refilling our RLF from these payments.”
Council approved a resolution to amend the loan agreement between the City and Moon Co-Op.
Council approved an ordinance accepting the Planning Commission’s recommendation and granting a zoning map amendment for the property located on South College Avenue previously known as The Miami Valley Lumber Site and Associated properties. This ordinance will rezone the property from General Business and Single Family Mile Square Residential District to a Single and Two Family Mile Square Residential district.
Council approved an ordinance accepting two parcels of land for permanent right-of-way from property owner, O’Reilly Auto Enterprises LLC, to provide uninterrupted public right-of-way for College Corner Pike (U.S. 27) from Merry Day Dr. through existing city lots 1454-1457. O’Reilly Auto Enterprises will be building a new retail store on College Corner Pike at the intersection with Merry Day Dr.
The next Oxford City Council meeting will be held on Tuesday, June 20, at 7:30 p.m. in the Oxford courthouse.
Reach Kelsey Kimbler at 937-683-4061 or on Twitter @KKimbler_RH