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The developer of the $170 million Austin Landing project in south Montgomery County is seeking an additional $6 million in public funding for proposed additions to the development.
In a letter sent last week to Miami Twp. officials, local developer Randy Gunlock requested additional public funding to revise and expand the mixed-use development off the new Interstate 75 interchange. The letter, obtained this week by the Dayton Daily News, was addressed to Mike Nolan, president of the township trustees.
So far, the township has invested $24 million in public money in the project. RG has committed to $124 million while another $55 million in private equity has been raised for development by RG on the north and south sides of Austin Boulevard, between Ohio 741 and I-75.
RG’s request would increase from $15.3 million to $21.2 million the tax incremental funding (TIF) commitments from the township and Montgomery County Transportation Improvement District, according to a financial summary of the request for additional funding.
“The revised plan, which shows an increased scope of both public and private investment has been derived from the market demand we are experiencing for the project as well as our expanded vision of what Austin Landing should ultimately become,” developer Gunlock wrote in the letter dated June 3, but delivered to the township last week.
TIF funds — property taxes on the improvements otherwise paid to the county — are used to repay bond debt taken to fund the improvements.
In the letter, Gunlock outlined plans for the additional funding including:
- $2.6 million for the mixed-use village, including an expanded park and an additional parking deck.
- $1.5 million for a third parking garage under a proposed fourth office building.
- $1.5 million for township offices.
The township could only move into offices in Austin Landing, Nolan said, if another tenant, such as the regional fire district or county library, would move into the current offices on Lyons Road — and take on the mortgage.
“I don’t see it happening right now,” Nolan said.
The likelihood of RG’s funding request moving forward is unclear.
Trustee Deborah Preston said she believes another proposal already is being developed, but had no further details. Preston, who is not seeking re-election, opposed providing additional public funds for the project.
Nolan, who is running for re-election, said he also was opposed to providing additional funding, at least until RG had spent funding already committed by the township and Montgomery County Transportation Improvement District.
“I’ve got to be a little conservative in this environment,” he said.
Trustee Charlie Lewis could not be reached for comment. Gunlock could not be reached for comment.
The first phase of the project, spurred by opening of the new interchange in 2010, is nearly finished. Three office buildings, a hotel-conference center, supermarket and department store are open. A microbrewery and other retail buildings are under construction.
By 2015, the second phase, including a village, featuring a multi-screen movie theatre, park and ice rink, stores, restaurants and more than 100 residences, is to be complete, officials said.