Following an executive session, the Monmouth City Council approved the purchase of real estate to potentially construct market-rate housing in the Monmouth-Roseville School District, informs Communications Director Ken Helms:
“This real estate is on the east end of town. It is simply an option, so we haven’t completely purchased it yet, but this property would be used to build spec homes. There would be a very limited number of high-end spec homes that would be there. This would not be an affordable housing or anything of that nature. These would be full-fledged constructed homes that are single-family. Right now, we have a nondisclosure agreement with our developers. All of the costs that are associated with this moving forward are all going to be coming out of restricted use TIF funding.”
The goal would be to have around twelve single-family, market-rate homes constructed during this project.
