Dover considering tax agreement to fund infrastructure for new housing development
DOVER – The city is making financial arrangements to support a new housing development on the north side of the city.
Lawver Homes plans to build about 30 single family homes and about 50 condos on 33 acres along St. Peters Church Road near the Dover Burial Cemetery.
This week officials introduced an agreement with the developer where half of the new property taxes generated by the project would be set aside to pay for roads, sewers, waterlines and other infrastructure work. Mayor Shane Gunnoe says the development will benefit the area by providing housing, construction jobs and future tax revenue for schools, the city and county.
He says it would generate $360,000 a year in new tax revenue based on an estimated $25 million in new home construction. The tax increment financing arrangement would last for 10 years.
City Council will likely approve the TIF agreement in early May.
Right now, the proposal is being called the Ludy Estates after the farm that used to be there. Gunnoe says developers are hoping infrastructure work can begin this summer with homes going up next year.