Waterville Village Council last week issued nearly $2 million in one-year notes to finance site improvements for a business park and construction of a parking lot downtown.
Council voted 6-1 to issue the notes, with Councilman Norm Witzler dissenting.
The village intends to spend $1.78 million on road construction and utility line extensions to a 30-acre parcel at 7551 Dutch Road.
Thomas Duvall, who owns the land, is planning to develop the Fallen Timbers Business Park on the site.
Another $100,000 in notes will help finance the purchase of the former restaurant at 11 North Third Street, demolish the building, and construct a parking lot at the site.
The village has started eminent domain proceedings to seize the land from its owners, Culvur and Marie Knollman.