Through a cooperative agreement with the DFA, City of Macedonia and Mary Maria @ Summit Pointe, LLC, the developer will construct public improvements, financed by DFA conduit-issued bonds, on behalf of the City of Macedonia. The developer will install a road connecting Valley View Road and S.R. 82 including sidewalks and handicap ramps, street lighting, water lines, storm and sanitary sewer lines, fire hydrants and landscaping. The public improvements will benefit an Independent Living/Assisted Living Facility and an Active Adult Community to be constructed on property included in an incentive district (the “TIF District”) created by the City.
The Value Provided
Fund the public improvements at the least cost to the developer, and as non-recourse to the City of Macedonia and the DFA.
Benefits of Working with us
- DFA has extensive experience with tax-increment financing districts.
- Early project start with swift closing and interim financing.
- No sales tax on hard construction costs.
Project Cost: $2.5 million
$2,500,000 – Development Finance Authority Tax-exempt Revenue Bonds
$31,000,000 – Private Investment for Senior Housing Development
The City adopted the TIF Ordinance exempting the property in the TIF District for a period of 30 years.