Miami Township officials are planning to help RG Properties fund another $5.9 million in construction at Austin Landing.
While three office buildings, a department store, supermarket and hotel are open, construction plans completing the 130-acre development north of Austin Boulevard and east of Interstate 75 are about a year behind schedule, Mike Nolan, president of the Miami Twp. Board of Trustees, said Friday.
“They are saying by 2015 it’s a full go,” Nolan said after Friday’s meeting.
The additional funding, and investment from a private offering also expected to fund development of 59 acres south of Austin Boulevard — and across from the existing Austin Landing – will help complete plans and assist in expansion of the existing development, Nolan said.
Lawyers are working out details of agreements funding the proposed improvements, including another floor on a parking garage at Austin Landing, in anticipation of consideration at a trustee meeting, possibly as soon as June 25.
The township’s $5.9 million would be repaid through property taxes collected through tax incremental financing on the development, Nolan said. The debt — like the township’s share of Phase II development — also would be guaranteed by the developer, Nolan said.
Mary Beth Reser, RG’s marketing director, and Steve Stanley, executive director of the Montgomery County Transportation Improvement District, declined comment. Previously RG President Randy Gunlock had said the village would be completed in August or September. Gunlock could not be reached for comment on Friday.
Existing agreements commit RG to $124 million, the township $24 million, on the project.
The plan also will help Miamisburg, a partner in an economic development district formed around the new interchange, afford additional debt for improvements west of I-75, Nolan said.
This fall, a Panera Bread with a drive-thru is expected to open, just east of a multi-tenant building expected to include a microbrew pub-restaurant, pet and clothing stores. A Kohl’s department store and Kroger supermarket already are open along Ohio 741; two office buildings and the Teradata headquarters just east of I-75.
Planners have approved construction of a 14-screen, $12 million Regal cinema, with a 60-foot glass entrance and flanked by two buildings. They are to stand at the north edge of the village center. Plans for completion of the adjoining village, including an ice rink, park, apartments, restaurants and stores, have not been submitted, township officials Friday.