Agreement, land purchases approved for Village Center project
By Kevin Boneske
HOWARD – Two motions to proceed with a mixed-use development in the Village Center with 12 single-family homes and 52-54 condominium-style units were approved earlier this month by the village board.
The board approved a development agreement between the village and Dan Schmidt of Green Viper LLC, which agreed to construct the development on approximately 20 acres under the following terms:
• The village will obtain four parcels for the development.
• The village will extend Howard Commons, Elm Tree Hill and the walking trail through the utility easement area. The utilities will be installed this year and the roads paved so they are completed in 2023 as early as weather permits.
• Green Viper LLC will guarantee the creation of more than $20 million in new increment over the course of the next six years.
• Green Viper LLC will pay the village $30,000 per single-family lot and $7,500 per condo unit at the time those units are sold.
Village Administrator Paul Evert said the fiscal impact of the project, known as the Howard Townhomes, includes the village purchasing the land for $2 million and public improvements estimated at around $2 million.
Evert said the land purchases will be included in future bonding for the Village Center, while American Rescue Plan Act grant money will help offset the cost of the public improvements, with any remaining costs included in future bonding.
He said single-family lots will be for sale when the developer builds homes on them, while the project’s condominiums will be duplexes known as twindos.
To calculate how much value the project would add to Tax Incremental Financing District No. 8, Evert said he conservatively estimated a side of a twindo at $325,000 and a single-family home at $350,000.
The board also approved purchasing the four parcels totaling about 20 acres for $2 million.
Evert said the purchase prices of the parcels with four different owners ranged from $770,000 for a 9.674-acre parcel to $300,000 for a 1.974-acre parcel.
“This has been a long time coming for those people, as you can imagine,” he said. “They’ve been talked to about the project, I think, in 2004, but we’re finally ready to go…”
Evert said the village was ready to close on the purchase of the four parcels upon board approval.