For 30 years, half of the property taxes paid by homeowners and all paid on commercial properties will go into a fund used to pay for roads and infrastructure.
Union Village property owners will be able to enjoy amenities including a town center, places to shop and eat, and a walkable community featuring planned parks and open spaces.
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A sports complex will be built in Union Village, north along Ohio 741 and on the north side of the property on Greentree Road, west of Lebanon, in Turtlecreek Twp.
It would be the first development in the area overseen by a new community authority that will assess property owners to help offset the cost of amenities and maintenance.
Property owners should expect to pay an additional 12 to 15 mills in property tax next year, $420 to $525 on a $300,000 home or business, according to Nolan.
“But for that, they would pay the same as anyone else living in Turtlecreek Twp.,” Nolan said.
The initial assessments are to be set next month by the Union Village Community Authority, a board set up like a homeowners association, to oversee the development and manage the assessments.
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Plans call for the town center, 89 homes, four apartment buildings and seven town homes to be built on land across from the main Otterbein retirement campus, between Springboro and Mason on Ohio 741.
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If approved, Otterbein next plans to demolish maintenance buildings and barns on the east side of Ohio 741, across from the retirement campus, to clear land for the project.