RG Properties wants to amend the agreement for development of Austin Landing, eliminating an ice rink, pavilion and parking garage to help fund other improvements.
RG has proposed an amendment to the agreement – minus the proposed improvements - with Miami Twp. and the Montgomery County Transportation Improvement District on the remaining portion of the $170 million mixed-use development at the Austin Boulevard interchange.
Tonight, the trustees are scheduled to consider RG’s latest proposal to scale back on the park and eliminate the ice rink and parking garage. The amended agreement continues to commit the township and TID to $15.3 million in funding for a park, bike trail and other infrastructure improvements.
“It’s a restructuring,” Greg Rogers, the acting township administrator, said Monday. “What the money’s to be spent on is different.”
The proposed restructuring follows trustee opposition to a request for an additional $6 million in public funding from RG President Randy Gunlock. The additional $6 million would have been used for township offices, an expanded park, an additional parking deck and third parking garage, according to a letter obtained by the Dayton Daily News from Gunlock to trustee president Mike Nolan.
Gunlock could not be reached for comment Monday.
To date, the township has invested $24 million in public money in the project. RG has committed to $124 million. The company also has raised another$55 million in private equity on the north and south sides of Austin Boulevard, between Ohio 741 and I-75.
The public funding comes from tax incremental financing of the debt owed on bonds sold to pay for the improvements. The debt payments come from property taxes from the improvements that otherwise would go toward general fund budgets of the county and local governments.
RG would devote the township’s $3.7 million in Phase II funding to park and trail improvements and the TID’s funding to parking and a trail system.
“Due to increased costs and other factors, (RG) has determined that the public funding contemplated by the Phase II Development Agreement will be insufficient to cover the infrastructure needs of the project as originally planned,” according to the proposed amended agreement.
Trustee Deborah Preston said Monday she opposes allowing RG to use the public funding already committed without completing the ice rink and other proposed improvements.
“If RG Properties doesn’t do what they say they are going to do, they shouldn’t get the money,” Preston said.
Trustee Nolan also expressed opposition to the proposed amended agreement, while challenging the developer to come forward with a workable plan. Nolan also wants RG to renegotiate a management agreement committing the township to $140,000 in annual payments.
RG has completed three office buildings, a hotel-conference center, supermarket and department store. A microbrewery, a restaurant and retail center are under construction. The next phase is to include stores, restaurants and residences in a village featuring a multi-screen theatre.
“We want to complete it. We want it to be successful,” Nolan said.
Miami Twp. meeting
7 p.m., Tuesday, Sept. 10
2700 Lyons Road
For information, 937-433-9969.