By Lilli Dwyer
InkFreeNews
MILFORD — The Milford Redevelopment Commission continued discussion of the infrastructure purchase agreement for the Eastfield subdivision at its Monday, June 10, meeting.
After last month’s meeting, the commission drafted an infrastructure purchase agreement for the public infrastructure in the Eastfield subdivision. As per their agreement with developer Miller Brothers, the town assumes responsibility for the public infrastructure, such as roads and the water utility, in Eastfield.
The draft, which the commission passed on to Miller Brothers, also asks the developer to assume closing costs to lessen the financial burden on the commission. In the past two weeks, there has been no response from Miller Brothers on whether they approve.
The commission was unable to take any action and decided to put the matter on next month’s meeting agenda.
To date, all necessary infrastructure has been installed by Miller Brothers. As such, the commission decided not to renew their bond with the county that would insure them against a developer failing to complete it.
Because the purchase of infrastructure will be paid for by the capture of tax increment funds from the TIF district, there will be no payments made until those increments are received. The town has pledged to pay up to 50% of their increment funds to Miller Brothers as it comes in.
“Basically, no money changes hands until we actually receive the funds into the TIF account, and then we share it 50/50 with the developer,” commission president Dan Brown explained.
Brown also noted, “this is the first residential TIF district to occur in the county, to actually move forward and have houses being built, and so everybody’s going through these agreements for the first time.”
The next Milford Redevelopment Commission meeting will be Monday, July 8.
