The Culver Town Council members held a public hearing Tuesday night to take public comments concerning READI Grant funds.
Town Attorney James Clevenger explained that Burke Richeson, legal counsel for development group Culver Equities LLC, and officials requested that the town assist in the infrastructure development as an incentive going forward with The Dunes project. In the meantime, the Regional Development Authority received $50 million in READI Grant funds to assist with housing developments of which $1.3 million will go to the town to assist the proposed Dunes project on South Main Street with infrastructure needs, along with a grant match of $1.3 million.
Richeson gave details about The Dunes project during the public hearing which encompasses what he described as an affordable multi-faceted housing development.
Richeson stated, “In the development, we have traditional apartment buildings that are three stories tall. We have patio flat apartments that are all single story and are two-bedroom two-bathroom, two-bedroom one-bathroom, with a one-car garage. There are 12 of them that are together. There’s also duplex housing that’s included in the design, and there is condominium-style free standing homes. There’s also a building designed for senior residents.’
There will be 121 of the free standing condominiums, 108 apartment units, 28 duplex units, and 20 senior units. There will be a total of 301 units that will be constructed in four phases which could take four to five years to develop. Other amenities are planned as well including outdoor sport courts.
There is a similar development in Plymouth in Centennial Crossings north of Centennial Park.
Several patrons asked about logistics of the project including rent, leasing, tax structure, wastewater capacity, and overall feasibility.
Phil Faccenda from Barnes and Thornburg explained the funding aspect of The Dunes project in that the Culver Redevelopment Commission has agreed to come up with the $1.3 million match for the READI grant. He also said an additional area will be added to a TIF area where the revenues will be split between the Redevelopment Commission and the developer. The Redevelopment Commission is pledging a percentage of TIF revenues generated from the property improvements for the match and the bond payment. No general property tax money will be used for the project.
To complete the funding of the water, sewer and street infrastructure for The Dunes project, as well as an executive storage project in that general area, which could be up to $10 million, the developer will take out bonds. Faccenda stressed that the town will not need to pay any general property taxes toward this project.
More public meetings will be held to discuss the project and the processes to amend TIF areas to include The Dunes project.
The Culver Redevelopment Commission approved $1.3 million in TIF funds toward the READI grant match during their meeting Monday night. The members also approved the sub-recipient agreement with the Town of Culver in that the Redevelopment Commission will pledge that $1.3 million grant match.
The Culver Town Council took action Tuesday night to unanimously approve the READI grant agreement with the Regional Development Authority and the Town of Culver, as well as a sub-recipient agreement between the Culver Redevelopment Commission and the Town of Culver that refers to the grant match.
In the meantime, the town is still negotiating with the developer what the final development agreement will look like and it will be approved in a future meeting.
