“It’s been a long process with give and take on both sides,” Springboro City Manager Christine Thompson said Wednesday. “This is a significant piece of property for Springboro to have developed.”
It comes as Dillin concludes work at Austin Landing, a mixed-used development at Austin Boulevard across from the new project site along Interstate 75.
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To get the next phase moving, Springboro is expected to finance more than $32 million to pay for roads and other infrastructure.
Dillin, his investors and the companies moving to the development are expected to put in as much as $350 million, according to the development agreement released earlier this week.
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.
Late Tuesday, Dillin said commitments for a 120,000-square-foot senior housing facility, 350-unit multi-family housing development and 150-room hotel were tentative.
“The three-party development agreement between City of Springboro, Springboro Landing Associates and VisCap establishes a framework under which the Austin South-Springboro development can proceed to closing and construction – both on the development agreement and the $32 million bond financing,” Dillin said in a statement.
“Next, the important work of solidifying firm commitments from specialty developers and end-users can begin in earnest. Based on the various expressions of interest received to date, the marketplace appears ready to accept a project of this quality in Springboro. And importantly, Springboro and VisCap remain committed to delivering a special community development solution of which we will all be proud. The development agreement reflects both a structure and the controls necessary to ensure delivery of that commitment.”
The preliminary commitments, backed up by letters of intent, are listed in an 80-page development agreement projecting private investment in the project of more than $350 million and more than $32 million in public investment by Springboro.
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The agreement indicates the project also has letters of intent for 18,000 square feet of retail development on two out-lots on the property.
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.
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The development agreement sets out design and zoning guidelines, Thompson added.
It also 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 expected to unveil the plan for the first time for the public Thursday night during the city council meeting.
The development is to be accessed off Austin Boulevard by an entrance across from one leading into Austin Landing and allowing no left turns for westward motorists. A full entrance would be built off 741, Main Street in Springboro.
Dillin is also expected to be involved in redevelopment of Springboro’s central crossroads, Main Street and Central Avenue, Ohio 73 in Springboro.
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Earlier this year, the council took a road trip to Perrysburg to meet with Dillin and visit one of his other mixed-use developments.
After Dillin’s presentation Thursday, the city council is scheduled to approve a resolution authorizing Thompson to sign the development agreement with VisCap and Springboro Landing Associates, the company owning the land for the development of the 63.7 acres in Springboro city limits and 3.5 acres in Miami Twp. Springboro’s northern limits are in Montgomery County.
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.
Once council signs the agreement, the city and its development partner enter 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.