Redevelopment commission approves development agreement to bring roughly two dozen apartments to Virginia Street

The Goshen Redevelopment Commission on June 9 approved a development agreement with Redwood Rental Properties LLC to enable a new multifamily project on Virginia Street.

Becky (redevelopment staff) told commissioners the privately led project — behind developer Myra Garcia, who previously built Copper Leaf Cove Apartments — is currently conceptualized at 24–32 units, with the developer presently targeting about 26 units. The site comprises two vacant parcels south of Virginia Street; the developer would need a zoning change from commercial to multifamily. The agreement as presented includes a termination clause if rezoning is not secured within 180 days.

Staff estimated about $1.5 million in public infrastructure improvements would be needed to make the site buildable: extending water and sanitary sewer to the site, roadway reconstruction and sidewalks to connect the project to nearby amenities. Under the proposed structure, the city would front those off-site public improvements while requiring the developer to provide financial security in the form of a bank letter of credit to reimburse the city if the private portion of the project does not proceed.

Commissioners discussed how the public investment would be repaid. Becky said the city historically has used either TIF reimbursement agreements (developer fronts costs and is repaid from future TIF revenues) or bond financing; because of recent changes in property‑tax assessment practice, projections have become less certain and bond financing can add substantial upfront cost. For this proposal, staff recommended the city front the public infrastructure and take a letter of credit as protection, noting the developer’s prior local experience.

Commission discussion touched on design, roadway impacts and the benefit of infill housing to the city’s rental supply. After questions and a brief public‑engagement check, a commissioner moved to approve the agreement; a second was heard and the motion passed unanimously, recorded as 5–0.

The commission's approval is limited to the development‑agreement terms on the public‑improvement side; the project remains contingent on local land‑use approvals and the developer meeting the financial‑security requirements spelled out in the agreement.