The project is to include a Randall Residence for senior citizens, more than 130 homes, 80 "senior care" condominiums, retail, including restaurants and a gas station, a medical facility and offices.
"It's huge deal for
The project is being developed by a company headed by
"We're just excited that it's happening," Kline said. "I can't wait til they break ground and do it."
The bonds will be repaid through tax increment financing (TIF), diverting all of the property tax on the homes for four years and businesses for 15 years, according to Kline.
A new community authority has also been formed to help pay for the development, according to
The bonds are being sold to cover
The resolutions for the bonds authorize sales of up to
The board unanimously approved the resolutions during a meeting Tuesday afternoon in the
The deal is expected to qualify the county for a rating from Standard & Poors for the authority's
Russell said the rating would leave the county with "a very, very important economic development tool" to use in assisting local governments and businesses throughout the region in borrowing money to finance big projects.
Russell said the project, just one of the deals involving economic development outside
Coffman is known for developing Settlers Walk in
The company for this project is Grace Developments, according to a website marketing the project.
Kline said the
"This is something we've been working on a long time to make happen," Kline said.
Kline said the project was conceived in 2014, after he visited his mother and realized the community needed senior care facilities.
Kline said he negotiated the purchase of the former farm in 2015. The land-use plan and TIF were established in 2017.
The TIF is set up so that "after four years, the schools get 100 percent of what they would earn" from homes built at Stillwater Crossings, Kline said.
All property tax from commercial development will go to the bond debt for 15 years. At this point, the school district would begin getting its portion, about 70 percent, according to Kline.
Property tax otherwise going to
The homes are to be built by
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