Springboro City Council is expected this week to approve annexation of 7.7 acres from Miami Twp. — another step toward development of the $380 million Austin South Springboro.
The city and township have reached a tentative agreement, subject to approval by the council and township and board of trustees, through which the city will compensate the trustees for lost revenue resulting from the annexation.
The vote should come on Thursday in a meeting scheduled to begin at 7 p.m. at city hall.
In September, with two members absent, the council a resolution 5-0 to go forward with the development agreement with companies through which Larry Dillin is managing the development.
VisCap is the company under which Dillin is developing and leasing on both sides of Austin Boulevard since taking over for developer Randy Gunlock and RG Properties. Springboro Landing Associates is the owner of land on the southwest corner of Aaustin Boulevard and Ohio 741 where the development is to take shape.
The land is in Springboro and Miami Twp.
“To allow for ease of development and not requiring the developer to have to receive approvals from two neighboring jurisdiction, the City has agreed to annex this property into Springboro. Miami Township has agreed to the annexation, through this annexation agreement,” Springboro City Manager Chris Pozzuto said in a memo to city council.
The city and Dillin’s companies are in a contingency period of 90 to 180 days expected to lead to arrangement of financing for the project. Annexation of the Miami Twp. land into Springboro is among the contingencies.
By late spring 2018, the project could be breaking ground. The first phase of development is to open in November 2019.
Dillin is wrapping up development of Austin Landing, a mixed-used development at Austin Boulevard in Miami Twp. across from the new project site along Interstate 75.
Upscale senior and multi-family housing, a hotel and retail are among the uses anticipated in the first phase of the 67-acre development on the southeast corner of Interstate 75 and Austin Boulevard, in Springboro and Miami Twp.
Dillin and the city reached agreement after setting aside terms of a settlement reached by the city and the prior developer, R.G. Properties, in a lawsuit about plans to build a WalMart there.
The development agreement sets a schedule of payments to the Miamisburg City Schools, starting in 2021. Payments of more than $3 million would be in lieu of taxes on the improvements that are to be diverted through tax incremental financing to help pay for the development.
Dillin is also expected to be involved in redevelopment of Springboro’s central crossroads, Main Street and Central Avenue, Ohio 73 in Springboro.