Housing development incentives considered in Marshfield
For the Hub City Times
MARSHFIELD – City leaders in Marshfield are considering a plan to incentivize the development of more residential housing lots in the city.
That’s according to the city’s Director of Development Services, Josh Miller, who says the incentive program is needed to keep up with a growing demand for lots that’s expected to exceed the current inventory within the next three years.
“There’s only about 35 to 40 lots that are suitable for residential development,” Miller explained. “And in the last couple years we averaged about 14 single-family homes a year. So, if you do the math we’re going to run out of available lots in about three years.”
Under the proposed incentive plan, both the city’s Economic Development Board and Common Council would contribute $250,000 each or about 50-60 percent of the program’s cost, and the city would be responsible for borrowing about another 30 percent for the project.
Miller says the developers would be responsible for about 10 percent of the estimated costs; and after the developed lots start selling and the project starts showing a profit, the developer would then be assessed for the 30 percent of the project that’s been financed.
“So,” according to Miller, “what this program does, is it provides some incentive for developers to build infrastructure to open-up additional lots.”
The plan has already gone to the city’s Chamber of Commerce and Industry (MACCI) and the Economic Development Board for discussion, and was recently approved by Marshfield’s Board of Public Works.
The plan goes to the city’s common council for approval on Aug. 27.