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COMMUNITY DEVELOPMENT Old Mill Estates Home construction is in full swing on this single-family residential project. There are three builders active on the site. Sidewalk and trail construction will be completed in the spring. The developer is now seeking approval of Phase II. Bay View Villas (Waterworks Site) Home building is well underway in this development which features detached townhomes, with association-maintained yards (no mow, no snow). Block 7 Property About a year ago, the city was approached by two separate developers seeking to construct an apartment building on the vacant Block 7 property, owned by the city (west of Centerville Road, between Heritage Street and Sorel Street). After seeing presentations by both prospective developers, reviewing their respective experiences, and talking with other cities where they had completed work, the city chose to engage in discussions with Trident Development. Trident is proposing a 3 story, 53-unit, market rate apartment building, with a 20% affordable component. This means that 42 units will be offered at market rate and 11 units at an affordable rate (about $900/mo for a one-bedroom). The design features French Quarter architectural detail and a small retail space at the corner of Centerville Road and Sorel Street. nancial picture, the developer asked the city to explore Tax Increment Financing (TIF) as a tool to mitigate this issue. Through negotiation, city staff and the developer have drafted terms for a 16-year TIF district, worth $1.35 million in present value. The proposed TIF agreement is pay-as-you-go, so that the city would only be obligated to reimburse the developer for taxes paid. If the development failed to produce enough tax revenue to pay the TIF note, the city would not be required to make up the differen cumulative taxes paid reach $1.35 million before the 16-year limit of the district, the There are three major agreements which will need to be executed if the project is to move forward. Those include a Purchase Agreement for the property, a TIF Agreement Agreement will be brought forward at the March 11 City Council meeting. Atlas Villas Memory Care Project (1825 Main Street) The City Council approved an Interim Use Permit for the 16-room, memory care facility. The architect is working with our building & fire officials to refine the design and comply with codes. We anticipate a building permit application in the near future.