New Affordable Housing Rental Units Planned for Monmouth

Share

From the Desk of Ken Helms, City of Monmouth Community Engagement Director

The City currently owns approximately 7 acres of land to the south of Kimberly Road. This land has been faced with multiple challenges that have hindered economic development. These challenges include lack of available water and sewer utilities, as well as road access and water retention issues.

The housing development project is estimated to be a 6.2 million dollar private investment that will be at no cost to taxpayers.

The full text of the Term Sheet is available on the www.cityofmonmouth.com website.

In summary, the term sheet is as follows:

  • Forty-four housing units will be developed over two years.
  • The developer will finance the surveying, engineering design. The developer will also finance the construction of watermain, sanitary sewer, surface water drainage, and Jackson Street road construction
  • The City will establish a TIF district on the parcel to generate new revenues from the site to reimburse the developer for eligible TIF expenses, which would include the construction of public infrastructure.
  • The City will donate its currently unimproved 7-acre property, to the developer, to construct infrastructure improvements and affordable multi-family housing units. This will be facilitated by transferring ownership of the three separate tax parcels for $1.00.
  • The developer agrees to pay the City $165,000 for the municipal review process that would normally not be paid due to enterprise zone benefits.

A motion was made for approval and was approved.

Spread the word

Trending Now

Featured News Podcasts

Subscribe to our Community Newsletter

By submitting this form, you are consenting to receive marketing emails from: Prairie Communications, 55 Public Square, Monmouth, IL, 61462, https://977wmoi.com/. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Choose a Category

Continue Reading

Monmouth Residents Escape Fire Unharmed

On Wednesday, March 27th at 6:01 PM, the Monmouth Fire Department was dispatched to a possible structure fire at 301 South B Street in Monmouth. Information from the Warren County

Watch Out for Scams this Tax Season!

As another tax season has arrived, Monmouth Police Department Investigator Josh Kramer reminds taxpayers to be on the lookout for those IRS scam letters: “They will be claiming that you

2024 FS Spring Ag Roundtable Day 2

The second round of the 2024 FS Spring Ag Roundtables kicked off Wednesday morning with ag leaders across the state of Illinois. Listen to remarks from Krista Swanson, Evan Hultine, Grant Strom,