The Manchester City Council met last night, holding a public hearing on a proposed development agreement with Bailey Drive Estates. Developer Joe Hildebrand plans to build two more duplexes on his property along Bailey Drive. The agreement will provide 80% property tax rebate for ten years, mimicking the development agreements he was awarded in 2017 and 2020. No one spoke for or against the agreement, with the council approving it on a 5-0 vote.
Development agreements were also approved for Jerry Krogmann, as well as Steve Pettlon with S&R Construction. Krogmann’s agreement with the City provides for a grant and forgivable loan for the development of a 13-lot residential subdivision to the north of Rosewood Drive – an extension from his current subdivision on the northeast corner of Manchester. And Pettlon’s agreement provides for a grant and forgivable loan for the development of 16 single family lots, 14 duplex lots and a commercial lot along Bailey Drive in the Oakview Estates Subdivision. Both agreements provide for reimbursement of costs incurred with installing infrastructure and utilities.
And the Manchester City Council also heard a presentation from Speer Financial on the City’s TIF Report. The report reviewed such financials as the City’s debt and TIF rebate obligations. Maggie Burger with Speer Financial says the City of Manchester currently has 56% debt capacity. She noted that the City is paying off debt faster than other towns its size, is growing at a healthy rate and is seeing growth in all sectors, including industrial, commercial and residential.