Concord Ledger

City of Dover issued the following announcement on February 7.

The City Council will consider a resolution to enter into a public-private partnership in the development of two lots of land adjacent to Littleworth Road. The resolution has a first reading at the Council’s Wednesday, Feb. 8, where the Council is expected to refer it to a public hearing and potential vote at its Feb. 23 meeting.

According to the resolution and accompanying term-sheet agreement, the two parcels of land “will bring significant tax revenues and jobs” to the city through a “planned mixed-use development with residential, commercial and industrial/manufacturing components.”

If approved, it will allow City Manager J. Michael Joyal, Jr., to negotiate a detailed development agreement with the developer based on the term-sheet agreement accompanying the resolution.

The parcels include a 75-acre located at Tax Map, Lot 29, owned by Terra Nova, LLC, and an 85-acre land situated at Tax Map G, Lot 2, owned by Westfield, LLC. Both entities are registered to Dover resident and developer Chad Kageleiry.

According to the term-sheet agreement, the City of Dover would reimburse the developer for public improvements to the project sites, such as the cost of building a road and needed public utilities, such as water and sewer. Part of the project would be to build a road that connects Crosby Road and Industrial Park Drive.

The agreement stipulates the city would not make payments for the public improvements until developments are complete and contributing property taxes to the city. The term-sheet agreement allows for payments in phases as parts of the project are completed. The city plans to finance the reimbursement costs through bonding, with bonding costs paid from the property taxes generated by the new development.

If approved, the planned developments would still be required to go through the normal planning process and obtain all necessary permits and approvals.

The Dover Business and Industrial Development Authority (DBIDA) unanimously endorsed the development agreement at its Jan. 27 meeting.

Original source can be found here.