Commission hears plan for 230-unit workforce housing; TIF bond discussed to cover $3M of infrastructure costs

Lebanon Economic Development Commission members heard a detailed presentation about a proposed multifamily development by Spectra that would add 230 rental units on the city’s north side and discussed using tax increment financing to support public infrastructure for the project.

Ben (last name not specified), a city staff presenter, said the site requires extension of public roads and utilities through the property to serve adjacent developments and Spring Creek to the north. He described the project as intended to provide workforce housing for employees such as teachers, nurses and advanced manufacturing workers who may take jobs in the nearby Leap District.

John Petlich, representing Spectra, presented the site plan and unit mix. “We’re planning on putting in a total of 230 rental units,” Petlich said, describing 210 garden‑style one‑ and two‑bedroom apartments plus 20 row homes with garages. He said the units include some two‑story apartment layouts intended for growing families and that the development would aim to keep lease rates affordable for the local workforce.

Cost and TIF structure: Petlich and Ben described the total project cost at roughly $55,000,000. They said the public infrastructure work — roads, water, sewer, stormwater and a legal drain extension — was estimated at about $5,500,000 in total hard and soft costs. To limit rent pressure, the proposal discussed using a TIF‑backed bond to bridge a financing gap of roughly $3,000,000; presenters said the proposed incentive would dedicate about 80% of the anticipated increment to the bond while allowing about 20% of the increment to pass through to the redevelopment commission.

Status and next steps: Presenters said they hope to start earthwork later this year after any incentive is in place. The transcript records discussion and slides from Spectra’s representative but does not record a formal motion or commission vote on an incentive during this meeting. Ben said staff and developer will continue to refine infrastructure costs and incentive structure; no final terms or ordinance were presented in the transcript.

Ending: The project will proceed through staff review and, if the redevelopment commission and City Council approve a TIF incentive, will return for formal actions. The transcript indicates the commission was briefed but did not take final action at this meeting.