Springboro City Council is expected to set aside $8.2 million tonight to pay for construction of a $4.5 million performing arts center and water and sewer improvements of $3.7 million to support redevelopment on the northwest corner of the city’s central crossroads.
The Springboro Chamber of Commerce is set to join the Playhouse South Theater Group and Center Stage Academy of the Arts as tenants in the center, which would be on the site of the former Springboro IGA Plaza at Ohio 73 and Ohio 741, Central Avenue and Main Street, in Springboro.
“The building will act as the ‘anchor’ for future business (retail and office) development on the site,” City Manager Chris Pozzuto said in a memo to the council.
The construction cost is $1 million more than in previous plans. The city plans to issue a short-term note to pay for construction.
Bonds will ultimately be used to finance the debt, to be paid off largely with funds from a tax incremental financing (TIF) district. The developer, Mills-Barnett Pavilion, has agreed to invest $10 million in the development at the corner of the intersection.
“The TIF, at full build-out, is proposed to generate $383,215 per year for 10 years. All other payments will come from non-tax revenues (rents, lease payments by Mills),” Pozzuto said in an email response to this news organization.
Reconstruction of the intersection itself was recently completed.
In addition, the city plans to use more than $2.6 million in street capital improvement funds and more than $800,000 from sewer and water capital improvement funds on the redevelopment.
A 9,000-square-foot, 150-plus-seat theater will be the main feature of the performing arts center.
The chamber, currently located on South Main Street in Olde Springboro, would lease about 2,000 square feet, including a meeting room for up to 60 people. The plans set aside 16,300 square feet for the chamber, Playhouse South (which is currently located in Kettering) and Center Stage, including a 3,000-square-foot waiting area and restrooms.
A 2,500-square-foot dance studio is to be leased by Center Stage, which is currently located next to the redevelopment.
Construction is to begin in October or November and be completed by October 2019.
Springboro has hired Ken Conaway “to oversee the project and to provide the City with independent oversight, as it relates to keeping costs down and ensuring superior building materials and craftsmanship,” Pozzuto said in a memo to the council.