Developer Randy Gunlock said Friday his company will put together a new plan for completing the $170 million Austin Landing development.
On Friday, Miami Twp. Trustee Charlie Lewis joined the remaining trustees in opposition to RG Properties’ request for an additional $6 million in public funding, and the trustees canceled a meeting where they were scheduled to discuss the request.
“We’re going to have to come back with a modified plan,” Gunlock said. “It’s something we’re going to have to work through.”
So far, the township has committed to $24 million in public money in the project, while RG has committed to $124 million in investment. Another $55 million in private equity has been raised for development by RG on both sides of Austin Boulevard, east of Interstate 75.
RG’s request would have increased from $15.3 million to $21.2 million the tax incremental funding (TIF) commitments from the township and Montgomery County Transportation Improvement District.
The first phase of the development, including three office buildings, a hotel, department store and supermarket, is near completion.
Lewis said he is unable to attend the Aug. 27 trustee meeting, prompting the cancellation, and joined trustees Mike Nolan and Deborah Preston in opposition to RG’s request.
“I don’t think it’s a good idea at this time,” Lewis said.