In an attempt to attract more residential growth to Smithfield, the Town Council in February adopted a policy allowing on a case by case basis to reimburse developers a portion of their costs of public infrastructure.
This month, the town council approved the first project. The Town of Smithfield will reimburse $1,131,938 to Buffalo Road LLC, a Reed Smith company, who will develop 315 units on 67.8 acres on Buffalo Road just north of Booker Dairy Road. The land is owned by Frank Lee. The subdivision will include up to 263 detached single family homes and up to 52 townhouse residences.
Buffalo Road, LLC will be reimbursed approximately 40 percent of the cost of installing water and sewer lines, curb and gutter, and some stormwater costs. The payments would be made after each of the 9 phases is completed. For example, the first phase is expected to cost the developer $389,090 for infrastructure. The Town would reimburse Buffalo Road, LLC $155,636 when phase 1 was completed and the ownership of the utilities was passed to the Town. The work must also be in accordance to the towns design.
Town Manager Michael Scott said the property must also be annexed into the town limits prior to any payment. And the developer must make improvements to existing roads and build new roads which will then be dedicated to the Town at no cost to the Town.
The reimbursement policy will be limited to developments of at least 100 units or more. The development cannot qualify for tax credits for low to moderate cost housing and no portion of the developed project can be within a 100 year flood plain. All the improvements must also be within the public right of way.
The $1,131,938 reimbursement was unanimously approved by the Smithfield Town Council.
Another part of the agreement will allow residents within the development to be provided memberships in the Smithfield Recreation & Aquatics Center with monthly dues for the memberships being paid by the Homeowners Association.