“So we’ll get new homes in town, new families,” he added.
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Crews have already been clearing land just off Pinnacle, where the 100-home Pinnacle Ridge development is proposed on about 65 acres, some of which is undevelopable due to slopes in the terrain.
Work on the Vance Road site – a 110-unit development called Vance Road South – would start next year, Hicks said.
The 215 proposed houses would increase the city’s nearly 1,900 single-family homes by more than 10 percent, and “every community wants to keep refurbishing their housing stock,” he said.
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The development will “provide for an appropriate mix of land uses and associated community facilities, community activities and infrastructure necessary to fulfill the future needs of the area,” documents show.
At a capacity of 860 residents, full build out would translate into at least $39 million in housing investment, and $6 million for infrastructure, Hicks said.
He said the city will finance about $3 million for land development and infrastructure. The latter will include “surface roads, traffic signals, sidewalks, utilities, open park space, off-site improvements, storm water management and site preparations for those improvements,” Moraine records show.
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But the development will be operated by the Vance Darroch New Community Authority, established by Moraine City Council last week as a funding mechanism for the project.
The body will act “like an inactive home owners association in that it has limited power” to include establishing taxes to which future homeowners will agree to finance the project, said Moraine Law Director Buzz Portune. Those payments will be handled through Montgomery County, he said.
Hicks said the “long-term, overall cost to the community is going to be negligible.
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“We’re not using general fund dollars to pay for it,” he added. “We will initially fund it. But the city will get all of our money back that we’re putting into it through the sales of the lots and the new community authority.”
By the end of next spring, Hicks said, construction is expected to have started on all 100 houses on the Pinnacle Ridge site. Building at the Vance site is targeted for the following year. The expectation is to have the 215 homes constructed within seven years, but it could be completed within five years, Hicks said.
“The sales are going to dictate everything,” he said.
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