LELAND —Leland is revisiting a development agreement with Bishops Ridge, first introduced one month after Hurricane Florence.
The economic incentive agreement would give Bishops Ridge, LLC a $100,00 lump sum payment after the completion of 92 single-family townhomes.
Located next to Stoney Creek off Hazels Branch Road, Bishops Ridge will consist of 23, four-unit townhome buildings. On Thursday, Leland will consider annexing the 17.6-acres Bishops Ridge is planned on, zoning it R-6 medium density, and approving the economic development agreement.
Three public hearings
The town will host three public hearings Thursday and could vote to approve all three items for the development.
Just last month, the town approved a $525,000 economic incentive package for an apartment complex 1.3-miles east of where Bishops Ridge is planned. The 708-unit apartment complex will bring an estimated 1,400 new taxpayers.
“Performance-based incentives highlight the Town’s willingness to support development that will secure quality planning and growth, protect the environment, strengthen the tax base and mitigate the impacts of large-scale development,” Leland’s summary of the development agreement states.
According to the town’s summary of the development agreement, Bishops Ridge will add 200 new residents to the town. Leland estimates that if fully occupied the development will bring in $50,000 in sales tax and $35,000 in ad valorem tax, revenue which, in theory, would allow the town to make its money back after one year.
When the agreement was first presented in October 2018, it was met with public opposition. Dozens of homes in Stoney Creek, located outside the 100-year floodplain, flooded. Many of those homeowners did not have flood insurance and are still struggling to rebuild their homes and lives. Council continued hearings on the matter a total of three times. Thursday will be the first time since November the town will consider the development proposal.
The parcel Bishops Ridge is located on contains acreage in the 100-year floodplain. Preliminary plans show townhomes will be constructed outside of — although within several feet — the floodplain designation.
The Leland Town Council meeting will be held Thursday, March 21 at 6 p.m. at Leland Town Hall.
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