Aldermen in Monmouth approved the sale of seven acres of land to be developed into 22 duplexes just off of Main Street.
The expectation is that Monmouth Townhomes LLC will build 10 two-bedroom units, 20 three-bedroom units, and 14 four-bedroom units in a development projected to cost around $13,239,393.
Monmouth’s City Administrator, Lew Steinbrecher, tells WGIL that an estimated maximum of $5,244,000 in TIF reimbursements could be made to the developer.
“I think the important feature of that is it is a performance-based agreement, Steinbrecher said in an interview Tuesday. “Which means that the revenues that will be used to provide these rebates to the developer will be the actual increase in property tax obligation that the developer will have to pay on the improved property from this development.”
Part of the development will include a clubhouse and community playground and is expected to be starting this fall.
“The ordinance authorizing the sale of the property has a June 30th date on which to close with construction to begin no later than September 10th. We suspect it will probably happen sooner than that but then probably next spring they would be available to house families.”
The land is valued at $183,000 but the city is selling it for a dollar and the developer is paying the city $183,000 for the development review and administration processing. This was done to help the developer achieve a higher project score on additional State and Federal programs.
