Proposals for a Goshen housing developmentwere approved this week, though some questions remain regarding the project’s financing.
The approval from the city council means Cherry Creek community is one step closer to breaking ground after city council members approved a redevelopment agreement for the project on Monday.
In total, developers plan to build 1,400 units — a mix of townhomes, condos and single-family houses — in the next 15 years, most in the $350,000-$450,000 range.
Developer Tonya Detweiler has told WVPE she expects to begin ground work this fall.
However council members, including Gilberto Perez, had questions about the project’s financing for public infrastructure at the site, the total cost of which is estimated at $31 million. Per the development agreement, the city will pay a little over $24 million with the developer providing the rest.
In exchange, 100% of the tax revenue generated from the site over the next 20 years will go back into the development, but Perez questioned why some of the tax money couldn’t go to the city’s general fund instead.
“I would have just appreciate a little more time and a little more clear numbers to get a sense of ‘ok what are we walking into,” Perez said.
Perez said city personnel indicated they could have run an estimate of other TIF revenue structures in two weeks, but the council moved forward on Monday so Detweiler could move forward as quickly as possible with construction.
The Goshen Newsalso reported councilors read a letter submitted by former Goshen Mayor Jeremy Stutsman that asked councilors to consider a lower percentage of TIF revenues.
Perez abstained, while the development agreement passed the council 5-1.
