The Culver Town Council members considered the first reading of an ordinance that pertains to area within the Town of Culver as an Economic Target Area.
Culver Town Attorney Jim Clevenger explained that this ordinance has to do with the property that will be designated for the proposed Dunes project at 957 and 1105 South Main Street. He said the intent is to add that property as a TIF District. Since there is an economic development aspect in the project, the town would need to designate this area as an economic development target area. It is undesirable for normal development, but good for normal development for housing.
This is part of the bonding process as part of the project.
There about 27 acres involved.
In a previous meeting, Burke Richeson, legal counsel for development group Culver Equities LLC, stated that there will be 121 of the free standing condominiums, 108 apartment units, 28 duplex units, and 20 senior units. There will be a total of 301 units that will be constructed in four phases which could take four to five years to develop. Other amenities are planned as well including outdoor sport courts.
Residents asked about the length of the life of the TIF District which would be 20 or 25 years depending on the commercial and residential aspects of the project and the exact location of the project.
Following discussion, the council approved the first reading of the ordinance that would designate an area within the town as an Economic Development Target Area. Additional readings of the ordinance will be considered at the next meeting Tuesday, October 10.
