Over 300 jobs and $184 Million in economic activity possible from proposed economic development project in Logan County
Logan County Commissioners will consider allowing tax incremented financing (TIF) for a proposed economic development project in the area.
The Trinity Mixed-Use Regional Development site – which will be developed by Nueterra Properties Group, LLC – is located on 147 acres of vacant property in Logan County on the northwest corner of the intersection of I-35 and Waterloo Road. The first phase of the proposed mixed-use project will feature a hospital, medical office building, convenience store, restaurant and a senior living facility, all of which will serve the entire community. Future phases may include additional retail, restaurants, hotel, office, residential and other medical related projects.
“We are really excited about the opportunities this project brings to Logan County and its citizens by creating long-term jobs and new services for the community,” said John Foudray, Developer, Nueterra Properties Group. “Construction activity will generate over 300 new jobs and $184 million of spin-off economic activity, and once phase one projects are complete, they will generate more than $80 million annually in economic activity.”
Area residents will be able to learn more about the project and ask questions during several public meetings. The project will host two public meetings on Monday, Sept 22 at 6:30 p.m. at Waterloo Church of the Nazarene, 457 W. Waterloo Road, and on Thursday, Oct 2,6:30 p.m., at Territorial Capital Sports Museum, 315 West Oklahoma.
“With the process beginning, we’re looking forward to engaging in conversations with community members and learning about concerns and how we can address them as we move forward in this process,” Foudray said. “We want to get area residents as excited as we are about this great economic opportunity.”
Currently, the proposed site lacks the necessary utilities and infrastructure to move forward, and the county, city and utility providers have no resource to provide these services. These needs include water supply, storage, treatment and distribution, sanitary sewer service, storm water detention, street widening and other improvements. Specifically, one improvement includes the widening of the congested Waterloo Road.
The project is proposing TIF to finance several million dollars that will offset the costs for the specific infrastructure needed to make the project and any future development possible. The proposed TIF would relieve the public from the burden of financing these improvements while keeping the project feasible.
One major advantage of using TIF as a financing method is that no taxpayer dollars will be used for the infrastructure and Logan County tax payers will never be at risk for the TIF payments. By using TIF, Logan County will be able to provide employment opportunities, increase the tax base and bring much needed investment to an unincorporated part of Logan County that will benefit residents.
Visit http://www.logancountyforward.com for continued project updates and public meeting opportunities.