Maryville EDC approves bond authorization for Liberty Estates West after public hearing

The Maryville Economic Development Commission on February 18 voted unanimously to approve Resolution 25-01, authorizing actions and proceedings related to a proposed economic development revenue bond for the Liberty Estates West project.

The public hearing preceding the vote featured statements from Town Manager Michael Griffin, Redevelopment Commission President Sean Pettit and developer Randy Hall. Griffin described the financing as “a textbook example of no risk for the taxpayers, no liability for the taxpayers,” saying the bonds would be privately placed and supported by the developer and future tax increment in the new allocation area. Pettit and Hall described planned amenities including a donated 20-acre regional park and mixed-use commercial buildings intended to create permanent jobs.

The resolution matters because it authorizes the local steps necessary to allow developer-backed bonds to be issued for infrastructure and site work that the developer says will support residential and some commercial development. Griffin told the commission the Redevelopment Commission cannot itself authorize the private placement bonds and that the town body must take the requested action as part of the required process.

At the hearing, Griffin (Town Manager) told the commission that the developer is proposing high-end housing and some contract-purchase options intended to broaden buyer access. “This is the one you want to go for,” Griffin said of the financing approach, adding that the project could produce public properties and other town benefits while avoiding taxpayer liability.

Sean Pettit, speaking as a Ward 6 representative and president of the Redevelopment Commission, said the Liberty Estates developments have been beneficial to the town and noted prior developer-backed bond approvals for the area, including a $10 million bond for an earlier phase of Liberty Estates West and other past approvals. Pettit said the site plan includes a roughly 20-acre regional park and that the town and developer have discussed shared infrastructure work such as improvements along Whitcomb Street.

Developer Randy Hall described infrastructure and amenities already constructed and proposed for the West phase, including ponds, parks and a donated regional park parcel. Hall said the development will include a five-acre parcel set aside for a charitable use and described commercial, mixed-use buildings planned in a later phase that he expects will generate around 100 full-time permanent jobs when occupied. When asked whether the park would be a town facility, Hall replied, “Yes. Exactly right. So it is our intention to donate the land to the proper entity at the town.”

Commissioner questions addressed park ownership, access from Whitcomb Street, and how the project estimates jobs. Pettit added that a project labor agreement will require union construction workers and that a new park impact fee, under consideration by the planning commission, would generate ongoing funding for park improvements as residential permits are issued.

Following the public hearing the commission considered General Orders: a motion to approve Resolution 25-01 was made by Commissioner Bella and seconded by Commissioner Stevenson. A roll-call vote recorded Commissioner Stevenson: Aye; Commissioner Bella: Aye; Commissioner Chilcott (president): Aye. The motion carried.

Pettit said the approval is one step in a sequence that will include town council review and further Redevelopment Commission action as the financing proceeds.

Votes at a glance: Resolution 25-01 — motion by Commissioner Bella, second by Commissioner Stevenson; roll-call vote 3–0; outcome: approved.