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County to subsidize Plum Creek home lots: $9,000 per unit, up to $270,000, to lower lot prices
Summary
Reno County commissioners discussed and moved forward a proposed development agreement to provide $9,000 per residential unit to a developer for Phase 1 of the Plum Creek subdivision in north Hutchinson, with payments tied to certificate of occupancy and sale; the funding would come from the county's economic development reserve fund.
Reno County commissioners considered a proposed agreement to provide financial assistance to a private developer for Phase 1 of the Plum Creek subdivision on the north side of Hutchinson. Under the proposal discussed in commission chambers, the county would provide $9,000 per residential unit, paid to the developer, capped at $270,000 (30 units), to lower lot prices for buyers.
County staff described the arrangement as a developer-focused payment that would be applied when a residential unit is substantially completed, the unit receives a certificate of occupancy and is sold or leased in an arm's-length transaction to an unrelated third party. The agreement…
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