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Saint John redevelopment commission approves two economic development areas for new housing
Summary
The Saint John Redevelopment Commission voted 3–0 on Dec. 10 to approve resolutions creating the Castle Rock and Park West Economic Development Areas and associated residential housing programs; consultants said TIF revenue estimates will be ready before the commission's January meeting.
The Saint John Redevelopment Commission voted Dec. 10 to approve two resolutions creating economic development areas and residential housing programs for sites the town calls Castle Rock and Park West.
The Castle Rock Economic Development Area covers roughly a 90-acre parcel west of Tapper and east of Beal and is planned for about 60 homes, and the Park West Economic Development Area covers about 21 acres near Calumet and 101st and is planned for roughly 150 units. Both measures passed by recorded results the commission characterized as "Motion carries 3 to 0." The votes followed a public meeting on each site and a brief public-comment period.
Why it matters: The resolutions establish allocation areas that allow the town to capture tax increment financing (TIF) revenues generated by new assessed value…
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