The Springboro City Council gave the green light Thursday on development of the $380 million Austin South Springboro.
The council voted after developer Larry Dillin unveiled the project publicly for the first time.
With two members absent, the council approved a resolution 5-0 authorizing City Manager Christine Thompson to sign the development agreement with Dillin’s companies.
Those companies are VisCap - the company under which Dillin is developing and leasing on both sides of Austin Boulevard since taking over for developer Randy Gunlock and RG Properties - and Springboro Landing Associates - the company owning the 63.7 acres in Springboro city limits and 3.5 acres in Miami Twp.
“This is a wonderful thing for Springboro,” Mayor John Agenbroad said.
Now the city and Dillin’s companies begin a contingency period of 90 to 180 days expected to lead to arrangement of financing for the project. Annexation of the Miami Twp. land into Springboro is among the contingencies.
By late spring 2018, the project could be breaking ground.
It comes as Dillin concludes work at Austin Landing, a mixed-used development at Austin Boulevard across from the new project site along Interstate 75.
Springboro is to finance more than $32 million to pay for roads and other infrastructure.
Dillin, his investors and the companies moving to the development are expected to put in as much as $350 million, according to the development agreement released this week.
Upscale senior and multi-family housing, a hotel and retail are among the uses anticipated in the first phase of the 67-acre development on the southeast corner of Interstate 75 and Austin Boulevard, in Springboro and Miami Twp.
The development agreement sets a schedule of payments to Miamisburg City Schools, starting in 2021. Payments of more than $3 million would be in lieu of taxes on the improvements that are to be diverted through tax incremental financing to help pay for the development.
The development is to be accessed off Austin Boulevard by an entrance across from one leading into Austin Landing and allowing no left turns for westbound motorists. A full entrance would be built off 741, Main Street in Springboro.
Dillin is also expected to be involved in redevelopment of Springboro’s central crossroads, Main Street and Central Avenue, Ohio 73 in Springboro.