Developers present Old Farm Reserve plan; commissioners approve MOU and endorse developer‑purchase TIF bond pathway
Parkway Improvements LLC presented a plan for Old Farm Reserve (about 163 residential lots, 240 apartment units and ~30 acres commercial). Counsel described a developer‑purchase TIF bond structure that would provide the developer a net $10 million in financing; commissioners approved a resolution endorsing an MOU to proceed to redevelopment commission review.
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Parkway Improvements LLC representatives Chip Allstadt and Ryan Lewis presented the Old Farm Reserve proposal and asked the board to approve a memorandum of understanding that would allow the redevelopment process to proceed. Chip Allstadt described roughly 163 residential home sites, a 240‑unit apartment complex and about 30 acres of commercial development in phases. He said the project would use a j‑turn entrance on University Parkway rather than a traffic signal.
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