UPDATE, 10:20 a.m.: The developer of Austin Landing South today said commitments for a 120,000-square-foot senior housing facility, 350-unit multi-family housing development and 150-room hotel on 67 acres east of Interstate 75 and south of Austin Boulevard in Springboro and Miami Twp. are tentative.
“The three-party development agreement between City of Springboro, Springboro Landing Associates and VisCap establishes a framework under which the Austin South-Springboro development can proceed to closing and construction – both on the development agreement and the $32 million bond financing,” Dillin said in a statement.
“Next, the important work of solidifying firm commitments from specialty developers and end-users can begin in earnest. Based on the various expressions of interest received to date, the marketplace appears ready to accept a project of this quality in Springboro. And importantly, Springboro and VisCap remain committed to delivering a special community development solution of which we will all be proud. The development agreement reflects both a structure and the controls necessary to ensure delivery of that commitment.”
The preliminary commitments, backed up by letters of intent, are listed in a 80-page development agreement projecting private investment in the project of more than $350 million and more than $32 million in public investment by Springboro to pay for roads and other infrastructure.
In addition, the agreement indicates the project already has commitments for 18,000 square feet of retail development on two out-lots on the property, across Austin Boulevard from the existing Austin Landing development.
The agreement also sets a schedule of payments to the Miamisburg City Schools in lieu of taxes on the improvements that will be diverted to help pay for the development.
EARLIER: Developer Larry Dillin is expected to unveil his plan for the first time for the public on Thursday during a Springboro City Council meeting.
Also, the council is scheduled to consider the development agreement with VisCap and Springboro Landing Associates, the company owning the land for the development of the 63.7 acres in Springboro city limits and 3.5 acres in Miami Twp. Springboro’s northern limits are in Montgomery County.
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.
Earlier this year, the council took a road trip to Perrysburg to meet with the developer and visit one of Dillin’s other mixed-use developments.
The Warren County Port Authority is prepared to help Springboro finance just under $32.2 million for infrastructure on the project.
Dillin is also expected to be involved in redevelopment of Springboro’s central crossroads.
The presentation is scheduled during the council’s formal meeting, beginning at 7 p.m.
The council could also discuss the development agreement during work session to begin at 6 p.m.
The council meets at city hall, 320 W. Central Ave., Ohio 73 in Springboro.