NEW HAVEN – New Haven officials are hopeful a proposed annexation will bring in new homes and businesses.
The City Council reviewed a plan Tuesday outlining the future use of an 83-acre site at the southwest corner of Seiler and Minnich roads.
"This plan calls for some type of residential housing as well as limited retail and professional services," said Brian Yoh, director of Planning and Economic Development.
The voluntary annexation site is largely agricultural and owned by the Oehler family. It's adjacent to city water and sewer lines and the city will be adding a half mile of roads, Yoh said.
"Developers will be expected to run the lines for needed utilities," he said.
Estimated projections show the city would operate at a loss during the first five years of ownership while making improvements and building infrastructure, but Yoh was confident that as the property develops, revenue would increase.
"We had to roll in the costs in the beginning," he said.
The plan shows a loss of $111,497 the first year, decreasing each year with an estimated loss of $3,664 the fifth year. With a projected 10-year build-out with 105 homes plus an additional $7 million in commercial properties, the site's assessed value is expected to go from $2.2 million the first year to $11.3 million by the fifth year, while revenue should increase from $13,910 to $70,922 during that same span, according to Yoh's fiscal plan.
A public hearing is Nov. 12.