The subdivision would be built out in four phases, documents show, with the first construction available for purchase as early as 2026.
The development agreement, which council approved Monday, requires the developer to cover the cost of infrastructure, including water, sewer, stormwater and streets — as well as improvements to Grange Hall Road — up to $800,000. In exchange, the developer will receive tax increment financing subsidies, documents show.
There is a 75%, five-year rolling tax increment financing arrangement for the property, legal counsel for the city Josh Lounsbury told city council Monday, and the only reimbursements the developer can get from the city are through that TIF mechanism.
“So if for some reason there was insufficient funding ... they’re on the hook,” he said.
The city originally transferred the property — located east of Grange Hall Road and south of Willowcrest Road — to the Beavercreek Development Corporation for sale as a residential development.
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