Liberty Twp. officials called a special meeting today to consider a memorandum of understanding between the township, Butler County and the developers of the project, which will be constructed at the Liberty Way Interchange on Interstate 75. Commissioners are expected to do the same on Monday.
Both sides would not give specific details Thursday on how much public funding the county and township have agreed to.
Representatives of Steiner + Associates, including Yaromir Steiner, founder and CEO, have met with county and township representatives multiple times in the past six months to discuss the commitment in the form of tax incentives to build infrastructure for the project. At a meeting late last year, developers were looking for a $55 million commitment.
Liberty Town Square will be modeled after Steiner’s projects at Easton Town Center in Columbus and The Greene in Beavercreek. The first phase of the project, which would include a mix of retail stores and restaurants, is planned for 1 million square feet. Construction could start in early 2013, Steiner has said.
Approximately 3,000 construction jobs and roughly 4,500 permanent jobs would be created and it’s estimated the development would generate $1 million to $1.5 million a year in sales tax collections, according to Steiner.
County commissioners have expressed support of the project, but also say taxpayer dollars must be protected.
The developer is negotiating with the county on terms of a Tax Increment Financing District, according to county officials. Instead of Steiner paying all of its property taxes, the money the company would pay on improvements to real property would go to pay down a potential bond issue to finance the public infrastructure, according to the company and county officials.
The project will need infrastructure such as parking garages, roads and parking lots.
Commissioner Charles Furmon declined to disclose details for the agreement, but noted all sides compromised.
“I think it is going to be a real positive thing,” Furmon said, “It will bring jobs here and spur more growth in that area.”
Steiner + Associates spokesman Brock Schmaltz declined to discuss the terms of the agreements for the upcoming votes, saying the company is not in the position to. But if the votes pass, it will help the project move forward, Schmaltz said.
“There a are a lot of steps in any project like this and this is an important step, but just one more step in the process,” he said.
The project was first proposed in 2008, but was delayed because of the economy. It was revived this year after talks resumed between the company and county government.
Staff Writer Denise Wilson contributed to this report
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