TIRZ-1 Attorney Outlines Next Steps for Housing
The Olney City Council gave final approval needed to establish Tax Increment Reinvestment Zone No. 1 (TIRZ-1) at the April 27 meeting, opening the gate for Olney Development to start work on several shovel-ready projects..
Attorney David Earl, the attorney advising Olney Development on TIRZ-1 and the City on TIRZ-2, walked the Enterprise through the next steps for TIRZ-1.
Enterprise: Has development already started within the TIRZ?
Mr. Earl: Right now the expansion of (Tower Extrusions’) industrial complexes are currently under construction. Now the bulldozers are out there doing work. They’re moving forward because it’s all got approved (by the City Council).
Enterprise: What kind of development is
being planned beyond the industrial expansion?
Mr. Earl: They’re planning on doing the fourplexes. I think they really wanting to get going fast so that as (workers) come, they have a place to stay while they look for a home. And then, they’re planning on starting to do some of the housing development.
Enterprise: Where will that development take place?
Mr. Earl: The industrial building is pretty close to where Tower is now, just a little further down… there’s a vacant spot where they’re building that new building there… it’s a paint line… and then if you look at where the plant is ... right across the street is where they’re building the fourplex… and then behind that… that subdivision (on Avenue C) … that’s where they’re going to do the… renovation and rehabilitation… they’re going to recoat the streets, clean up all the brush and debris… and they’re starting to build homes on those vacant lots.
Enterprise: Is there outside interest in the project yet?
Mr. Earl: Yes. I’ve got two builders out of Dallas here… I’ve got… developers out of San Antonio for the fourplex that want to come and do that here.
Enterprise: What does the long-term goal look like for the housing component?
Mr. Earl: They’ll be buying the home and planting roots here as a homeowner… bringing their families here and ... that’ll help the school districts grow and ... rejuvenate the city.
Enterprise: What’s the timeline for the industrial side of the project?
Mr. Earl: Industrial building and expansion of that should be done… by the end of the year, I think.