The Oakwood City Council approved a resolution Monday for an Urban Redevelopment Plan.
The plan is part of the process to move forward with the downtown development, which includes shops, a children's museum, and a railroad park, among other things.
"This is the next phase and financing the Oakwood downtown," said City Manager B.R. White. "[Monday] night the council approved an urban redevelopment plan for what's considered blighted areas, which include under developed or non developed areas, and our city property qualifies for that. So this is going to go out for bonds for financing."
White said the plan includes an agency or commission to help them secure the financial bonds.
"It's appointed by city council and they are residents of the city of Oakwood and they serve primarily as a financial mechanism for the bonds," White said. "The law prevents the council from acting as the agency."
A council member is on the board, though, to see both sides of the process. But, White said the agency doesn't have a part in the design elements or other financial matters.
