Council approves economic development bonds for Easton Grey senior housing project

The Avon Town Council approved an ordinance authorizing parameters for the issuance of taxable economic development revenue bonds to finance infrastructure for the Easton Grey (Lennar) senior housing project.

Town legal counsel described the ordinance as authorizing the Economic Development Commission to issue bonds in an amount not to exceed $478,000,000 for infrastructure and related project costs, to be repaid from TIF revenue and secured under a trust indenture. The ordinance includes required findings that the project benefits the health and welfare of the town and makes a required finding of no adverse competitive effect. It sets maximum parameters: a 25-year maximum maturity and an interest ceiling of 8 percent (an interest ceiling noted as a market cap; counsel said market rates are expected to be well below that ceiling).

The project—described in council materials as an age-restricted senior housing development estimated at about 460 units and infrastructure improvements valued at over $18 million—will rely on bonds issued by the Economic Development Commission and paid from TIF revenue, council staff said. The ordinance also authorizes town officers to execute necessary documents to complete the bond issuance.

A roll call vote recorded unanimous approval of the ordinance at final reading.

Council members asked for clarification of the TIF district status and trustee bank; counsel and staff confirmed the HOPA (healthcare or hospital?) district is within the TIF and that trustee details would be confirmed before final closing.