RELATED: Demand seen for new families, $45M housing plan
Moraine City Manager David Hicks has said a deal is near with Ryan Homes to build about 215 homes on 110 acres over seven years. Here are four to know about the city’s plan:
-The city has established the Vance Darroch New Community Authority oversee the development. The authority – consisting of four council members – will shield the city from liability and establish taxes to which future homeowners will agree to finance the project, city officials said.
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-The estimated $45 million investment would include sewers, water lines, streets, sidewalks, park/open space, street lighting and recreational facilities, records show. Housing investment is expected to be about $39 million, while $6 million is projected for infrastructure, Hicks said.
-A 100-home Pinnacle Ridge subdivision – which will include undeveloped land and large tracts of green space - is proposed for the 65 acres rezoned this week, Hicks said. The remaining homes are projected on the remaining 45 acres land is across Vance Road.
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-The homes would range in price from $180,000 to $220,000, according to the city. They would boost Moraine's current housing of about 1,900 units by more than 10 percent.
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