Centerville Council Authorizes Up to $4 Million for Cornerstone South Infrastructure
Centerville City Council passed Ordinance 12-26 on July 27, 2026, authorizing up to $4 million in public infrastructure improvements bond-anticipation notes for the Cornerstone South project. The financing authorization covers Phase I road improvements, including an extension of Miami Valley Drive, along with water, sanitary sewer, stormwater and related public infrastructure.
The action authorizes a borrowing mechanism. It does not establish that Centerville has already issued the full $4 million, that final financing terms have been set or that construction is complete.
What the ordinance authorizes
Ordinance 12-26 authorizes the city to issue no more than $4 million in notes in anticipation of longer-term bonds. The notes may mature no more than one year after issuance. Their final terms, including the interest rate, number, denominations and sale details, are to be set in a certificate of award.
The ordinance permits a note interest rate of no more than 5%. It also declares the city’s intent to issue bonds with an approximate interest rate of 5% and a maximum maturity of 25 years. Those provisions do not establish the final rate or repayment schedule. The ordinance’s separate maximum-maturity certificate states that notes issued in anticipation of the bonds may have a maximum maturity of 20 years.
The approved project scope includes Phase I road improvements, the Miami Valley Drive extension, water and sanitary sewer infrastructure, stormwater improvements and other related public infrastructure.
What it means for Centerville taxpayers
The notes would be limited-tax general obligations of the City of Centerville. The ordinance pledges the city’s full faith, credit and revenue for repayment. It also provides for an annual tax levy on taxable property if needed to pay debt service.
That provision does not mean a new property-tax increase has already been levied. The ordinance says the levy would not be collected to the extent debt service is appropriated and paid from other sources.
A project crossing city and township lines
Centerville’s Resolution 35-26, passed April 20, 2026, authorizes a cooperative agreement with Sugarcreek Township and Cornerstone Developers for the construction and maintenance of the Miami Valley Drive extension. The resolution describes Cornerstone South as property in Sugarcreek Township, Greene County, and identifies the extension as running from Wilmington Pike to Clyo Road. Portions of the public improvements lie outside Centerville’s corporate limits.
Under the cooperative agreement, Centerville is the lead agency for design, construction and maintenance. The city is responsible for activities such as design review, engineering, permitting, contracting and construction inspection, and would maintain and operate the extension after construction, subject to the agreement’s qualifications.
Sugarcreek Township’s responsibilities include cooperation on plans, land and right-of-way matters, and specified obligations for portions in unincorporated territory. The agreement generally says the township is not financially responsible for public-improvement costs beyond staff and related costs, while its exhibit assigns payment for certain unincorporated-area work, including specified curb, storm and catch-basin items and portions of resurfacing.
Cornerstone Developers is assigned construction under the construction-manager-at-risk agreement, along with specified maintenance obligations involving street medians, decorative lighting, sidewalks and landscaping or buffering along adjacent properties.
Next steps to watch
The July 27 council agenda separately listed a resolution authorizing the city manager to execute a construction-manager-at-risk agreement for Cornerstone South Phase I interior public improvements with Cornerstone Developers and Oberer Construction Managers. The agenda item is an authorization; it is not, by itself, proof that all work has begun or that the agreement’s final terms have been publicly completed.
Residents should distinguish that contracting authorization from the financing ordinance and watch for the actual note sale, the certificate of award, final contract documents, land or right-of-way actions and construction notices.
Centerville also passed Resolution 43-26 on June 15, 2026, declaring an intent to reimburse eligible Cornerstone South infrastructure expenditures through future obligations, with a maximum reimbursement borrowing amount of $13 million for expenditures made in fiscal years 2026 through 2029. That declaration is related financing context but is separate from the $4 million bond-anticipation-note authorization.
The most useful accountability checkpoints will be the city’s finance records, final financing terms, construction contracts, land and easement records, project notices and future debt-service information.
Sources
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