City of Silvis Economic Development Group met September 14
City of Silvis Economic Development Group met September 14.
Here is the minutes as provided by the board:
Chairwoman Hall called the meeting to order at 4:00pm and noted a quorum was present. There are two agenda items for consideration.
The first item was discussion on the proposed development agreement with J&K Housing Inc. This is the Subdivision referred to as Park Place Villas and consists of 17 duplex units. The units will be for sale and the build out plans would be 4 in 2018, and 10 per year for the next four years. A preliminary estimate of increment was prepared and distributed. Chairwoman Hall explained the terms of the agreement; it would be 80/20 split with a cap of $1 Million. In addition the first $100k in increment would be paid at 100% to offset the cost of the lift station. Jim said that the developer intends to build two units in the far northwest part of the property (lot 1 and 2 of the final plat) as soon as possible. Committee was in agreement to move the development agreement with J&K Housing Inc. to the September 19th COW agenda for consideration.
The next agenda item was discussion on a feasibility study with Core Distinction Group. Jim was able to provide a sample study that was done for Morgan County in Ohio as an example of the work that would be performed. The cost of the study is $7,500 and a 50% deposit is required ($3,750). Jim Nelson noted that should all go well, the total cost of the study would be rolled into the project. Jim said that the Study is a TF eligible cost and the not sure where proposed development would be, however the study will identify recommended locations. Jim Nelson noted that if at the end of Phase 1 of the study the City of Silvis does not get a positive result the study stops there with no added cost. Alderman Lohse asked about the ownership of the study and it was clarified that there is no relationship between Core and the Cobblestone group. Committee was in agreement to move the request to do a feasibility study with Core Distinction Group to the September 19th COW agenda.
There were no other agenda items and the meeting was adjourned at 4:30pm.
Organizations in this Story
121 11th St
Silvis, IL - 61282-1017