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Commission confirms Paddock Place TIF area and pledges 80% of increment to $3.2M bond
Summary
The commission confirmed a footprint allocation area for the Paddock Place multifamily project and pledged 80% of its incremental TIF revenue to taxable revenue bonds not to exceed $3.2 million. Developer and consultant presentations outlined project units, targeted rents and the public infrastructure the TIF will help fund.
The Lebanon Redevelopment Commission on Oct. 14 confirmed the creation of the Paddock Place allocation area and approved pledging 80% of the allocation's incremental tax-increment financing (TIF) revenues to taxable economic development revenue bonds not to exceed $3,200,000.
Commissioners opened a public hearing on the confirming resolution and closed it with no public comments before approving the declaratory resolution by voice vote. The commission then approved a resolution pledging the Paddock Place allocation area TIF revenues to bond payments; the redevelopment commission retains the remaining 20% of the increment for lawful purposes.
Why it matters: The Paddock Place pledge is intended to help finance public infrastructure tied to a privately developed multifamily project, including a road extension, water and sanitary sewer, stormwater facilities and replacement of a legal drain. The TIF will not cover all infrastructure costs but is presented as a tool to reduce development costs and support targeted rental affordability for workforce households.
What the commission heard: Spectra's representative, John Pedalik, said the project comprises 230 rental units (210 conventional apartments and 20 rowhomes), with one- and two-bedroom layouts including 2-story unit types. He said the total project cost is about $55 million, with roughly $33 million in remaining funding needs; the developer estimates hard and soft infrastructure costs around $5.5 million, of which about $2.9 million would be covered by the TIF component. Pedalik said one-bedroom rents are targeted below $1,500 and two-bedroom rents around $1,750, with one-bedroom units roughly 800–1,000 sq. ft. and two-bedroom units about 1,000–1,100 sq. ft.
Baker Tilly summarized the proposed bond structure, noting that the Paddock Place bonds would be purchased by the developer and paid solely from the pledged 80% of project TIF; there is no company guarantee. The bonds are modeled over a 25-year full term and include issuance costs; the estimated par amount presented was $2,855,000 with issuance costs and other adjustments producing an estimated $2.7 million available for project reimbursement.
Commission action: The RDC confirmed the Paddock Place allocation area, held and closed a public hearing with no speakers, and approved Resolution 2025-10 pledging 80% of incremental TIF revenues to bonds up to $3.2 million. The RDC reserved the right to use the remaining 20% of the increment for lawful purposes.
What was not decided: Final bond or loan documents and any required council approvals remain pending; the transcript did not specify the exact repayment schedule beyond Baker Tilly's modeled repayment tables.
Ending: Commissioners approved the motions by voice vote and moved on to a clerical amendment to a prior NewCold resolution and the routine claims approval before adjourning.
