The Ridgefield City Council took a key step Thursday toward financing the long-awaited Ridgefield Community Center, advancing a bond ordinance authorizing up to $15.5 million in borrowing for the project.
Council members unanimously approved the first reading of Ordinance No. 1475 during their March 12 meeting. The ordinance would allow the city to issue Limited Tax General Obligation (LTGO) bonds to help fund construction of the planned community and recreation center complex.
The project has been in development for nearly a decade. A 2016 market study found that Ridgefield residents showed one of the highest levels of interest in a YMCA facility nationally. Although the YMCA of Columbia-Willamette withdrew from the project in August, city officials reaffirmed their intent to move forward and continue seeking a new recreation operator.
The proposed bond issuance would fund the city’s share of construction costs for the community center, which will be built alongside a privately developed recreation facility as part of a public-private partnership with Blue Rock Ventures.
City Finance Director Kirk Johnson said the ordinance establishes the financial framework that would allow the city to proceed with selling the bonds once the project reaches the appropriate stage.
“We’re looking for the sale parameters and the authorization for the city manager and myself as the finance director to issue the bonds to be able to construct the community center,” Johnson said.
The city plans to issue approximately $15.5 million in bonds. About $15 million would go toward construction, with roughly $500,000 covering issuance costs. The ordinance caps the true interest cost at 5.5% and sets a 20-year repayment period.
Johnson said the higher interest ceiling is intended to provide flexibility given uncertain market conditions.
“We’re just wanting to give us flexibility of where to go at the time that we do the sale, which is still to be determined, and with the economy, it could change almost day to day,” he said.
Over the life of the bonds, the city estimates total repayment costs at about $21.9 million. Annual debt service payments would average roughly $1.1 million under a level payment structure.
Those payments are expected to come primarily from the city’s Real Estate Excise Tax (REET) and park impact fee revenues. Johnson noted the general fund serves as a potential backup depending on economic conditions and future revenue generated by the facility. He acknowledged that shifting real estate activity could affect those projections.
“There’s not a lot of house sales going on right now,” he said. “That can affect REET, and that could affect what we’re going to have to do out of general funds, so that is a possibility we do have to look at.”
Council members also asked whether the city’s borrowing capacity would remain sufficient for future major infrastructure projects. Johnson said current projections show the city still retaining additional bonding capacity even after issuing the community center debt.
“We will probably see our assessed values continue to grow despite where we’re at in the economy,” he said. “Prices are still going up, values are still going up, so we do anticipate that’s going to go up.”
The community center is planned for a site on North 50th Place, north of Pioneer Street. The latest cost estimate for the overall project is about $35 million, with the city committing about $15 million toward the development.
Current plans include three youth-sized basketball courts, fitness rooms, a child watch area, locker rooms and an indoor track overlooking the courts. The aquatic area would feature a six-lane cold-water lap pool and a zero-entry warm-water pool designed for lessons and family use, both with accessibility features. Additional amenities would include a lounge, teen gaming center, rentable community spaces and a kitchen.
Construction is tentatively planned to begin in June or July 2026 and last about 16 months. The bond ordinance will return to the council for a second reading and potential final approval at a future meeting.
