DATE: March 21, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
Resolution 2019-05 in Support of Land Donation and Tax Increment Financing for Spring Creek II Project
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to consider adoption of Resolution 2019-05 in support of site control of parcel 22.07.3.03.003 and support of tax increment financing for the Spring Creek II Project.
SUMMARY REPORT:
In 2017, non-profit developer Three Rivers Community Action Agency (TRCA) agreed to partner with the HRA on a new project to increase the number of affordable rental housing units at the Spring Creek Townhomes. The proposed project will be located on a portion of the 11.18 acres owned by the HRA in the Southbridge area.
The HRA land is part of a larger development site that was initially platted by Arcon Development as the Southbridge Subdivision. A final plat for the Southbridge 1st Addition was approved in 2003, and development proceeded until the recession in 2008. At that time, the remaining land was split between the HRA and the neighboring property owners (Vern & Joan Koester).
In 2017, staff met with TRCA and the Koesters and considered numerous concept plans involving a potential land swap. In December of 2017, it was determined that he HRA and TRCA would move forward with a concept for development on the 11.18 acres owned by the HRA. The HRA agreed to a donation of up to 4.5 acres of HRA owned land for the creation of affordable workforce housing in the Southbridge area for the project.
It is anticipated that the remaining HRA land will be developed in two or more phases. The first phase will include the construction of 32 townhome dwellings (Spring Creek II) and required infrastructure.
Phase I Infrastructure
* Southbridge Drive extension to the western edge Phase I
* Millstream Lane constructed from Southbridge Drive to Brookside Drive
* Brookside Drive...
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