Columbia Borough to consider $5 million loan for McGinness project development

The Borough of Columbia will act on an ordinance authorizing the issuance of a $5,028,030.00, principal amount, general obligation Note, to fund the development of the McGinness Innovation Park, according to a public notice published by LNP Media Group, Inc. on July 9, 2025.

Borough council will act on the proposed ordinance at the next meeting at 7 p.m., July 15, 2025, at Borough Hall, 308 Locust Street. The vote will determine whether Columbia moves forward with substantial borrowing from the Commonwealth Financing Authority, a state agency that provides financing for local government projects.

According to the notice, “If enacted, the ordinance will award the Note to the Commonwealth Financing Authority, approve the form of the Note, fix the rate of interest to be paid, pledge the full faith and credit of the local government unit for the payment thereof, create a sinking fund and authorize the proper officers to take the necessary steps to issue the Note.” The funds are earmarked for development and construction costs associated with the McGinness Innovation Park project.

Citizens interested in reviewing the full text of the proposed ordinance can do so at Borough Hall during regular business hours, Monday through Friday from 8 a.m. to 4:30 p.m.