Council weighs Fisher Homes concept tied to residential TIF for bridge access

Staff told the council that Fisher Homes has expressed interest in a parcel in the southeast corner of town that would require a stream crossing to access unless developed from an alternate approach. Ryan said Fisher proposed 25 houses priced about $800,000 to $1,000,000 and requested a residential TIF to capture incremental taxes to pay for the bridge.

"It would generate about $1,400,000," Ryan said of projected captured TIF revenue; he estimated the bridge cost around $1,000,000 but acknowledged the figure could be lower. Staff described a developer‑purchase bond structure under which the developer would buy the bond so the town's bonding capacity would not be impacted. Council members questioned student‑generation potential, housing density, and alternatives such as more, smaller lots that could raise assessed value. Several members said they were open to further investigation but wanted more engineering and financial detail before authorizing bond counsel or formal TIF steps.

Ryan said he had discussed the concept with the school corporation and redevelopment commissions and planned to revisit the matter with more precise engineering and cost estimates if the council wanted staff to continue discussions with Fisher Homes.