SPRINGBORO CLOSE ON ANNEXATION DEAL
Springboro council to green-light getting land for $380M development.
Springboro is SPRINGBORO — planning to annex 7.7 acres from Miami Twp. - another step toward development of the $380 million Austin South Springboro planned community.
On Thursday, the Springboro City Council is expected to approve an agreement with the township setting the terms for the annexation and compensation for the transfer.
“To allow for ease of development and not requiring the developer to have to receive approvals from two neighboring jurisdictions, the City has agreed to annex this property into Springboro. Miami Township has agreed to the annexation, through this annexation agreement,” Springboro City Manager Chris Pozzuto said in a memo to city council.
On Tuesday, the Miami Twp. Board of Trustees was to consider and likely vote on the proposed agreement, which calls for Springboro to pay Miami Twp. an “amount equal to the real estate property tax revenue that would have been distributed” and sets other terms of compensation.
The land, on the southwest corner of Austin Boulevard and Ohio 741, North Main Street in Springboro, is within the Austin Development District.
The district includes the land around the Austin Boulevard
interchange at Interstate 75 in Miamisburg, Springboro and Miami Twp. The local governments formed a partnership to pay for maintenance, assess taxes and make other decisions in the area.
Currently the 67 acres comprising Austin South Springboro are in Springboro and Miami Twp.
The proposed annexation agreement covers the duration of a 30-year tax incremental finance district established to pay for roads and other infrastructure, using property tax from improvements to the property
The city and township have reached a tentative agreement, subject to approval by the city council and township board of trustees.
The Springboro council is expected to approve the agreement and annexation in a meeting scheduled to begin at 7 p.m. Thursday at Springboro city hall.
In September, with two members absent, the council voted 5-0 to go forward with a development agreement with companies through which Larry Dillin is managing development of Austin South Springboro.
VisCap is the company under which Dillin is developing and leasing on both sides of Austin Boulevard since taking over for developer Randy Gunlock and RG Properties. Springboro Landing Associates is the owner of land where the development is to take shape.
The city and Dillin’s companies are in a contingency period of 90 to 180 days expected to lead to arrangement of financing for the project. Annexation of the Miami Twp. land into Springboro is among the contingencies.
By late spring 2018, the project could be breaking ground. The first phase of development is to open in November 2019.
Sixty acres on the south side of Austin Boulevard and Austin Landing are poised to become Austin Landing South as the City of Springboro and VisCap Development are talking about plans for the vacant land.