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Council approves Sloane Corners rezoning, first-phase plat and TIF reimbursement agreement
Summary
Fairview council unanimously rezoned a nearly 6-acre tract for low‑density residential, approved the Sloan Corners East Phase 1 final plat and authorized a long-term economic development and reimbursement agreement tied to the town’s tax increment financing (TIF) plan.
Fairview Town Council voted unanimously to rezone a 5.9-acre tract along State Highway 5 to allow development under the town’s RE‑1.5 (one‑and‑a‑half acre) estate standards, approved the final plat for Sloan Corners East Addition Phase 1 and authorized an economic development and reimbursement agreement with the Billingsley Company for infrastructure reimbursable through the town’s TIF district.
The council’s actions clear the way for a residential first phase that the developer says will include multifamily rental buildings and related infrastructure. Staff and the developer told the council the final plat covers about 23.6 acres in the CPDD (Commercial Planned Development District) and creates the lots and rights-of-way needed for the developer’s initial multifamily product; the presentation described roughly 487 apartment units in the larger Sloan Corners East development and three platted lots in the phase before the council.
Why it matters: Council members and staff framed the votes as the first steps of a large redevelopment that officials expect to add substantial assessed value and tax revenue to Fairview. Town staff presented updated TIF revenue and expense estimates showing substantially greater potential value with…
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