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.