Parks board to hear bond proposal for NexusPark improvements

The Columbus Parks and Recreation Board will be considering this afternoon the approval of a bond issue to refresh the former Fair Oaks Mall, transforming into the new NexusPark recreation center.

The board held the first public hearing on the $11.5 million dollar bond issue on Monday afternoon in a special meeting. The bond would be repaid through property taxes in the city. The city’s financial advisor, Andrew Lanam with Stifel Financial Corp, explained that Columbus has one other general obligation bond outstanding, taken out for The Commons, which would be retired in 2028. The Nexus Park bond if approved, would raise the tax rate for bonds from two cents now to about three cents, he said. The bonds would be paid off in 2041.

A city resident in Columbus Township now pays a combined property tax rate of $2.66 for all the taxing entities, and would pay $2.67 if the parks bond is approved, he said. He said for a $125,000 dollar home, the effect would be just over $5 per year.

The bonds would go to pay for the refurbishing for the parks department spaces in the former mall building.

The parks board meets at 4 p.m. today in the Columbus City Council chambers at City Hall and virtually.

The parks board would give its final recommendation for approval later this month, and then it would have to be approved twice by Columbus City Council in March.