Wilder City Council agreed during Monday’s meeting to approve the Overlook at Sunrock development — that is, if approved by the city’s Planning and Zoning Commission.
This vote was unofficial, and the development must undergo several more rounds of approval before it can move forward. During the council meeting, citizens voiced their concerns about the project.
The proposal introduced by Fischer Homes asks Wilder for an Industrial Revenue Bond, which would help to pay for the installation of a water line later on in the development of the project.
Fischer is asking the city for a 40-year, $500,000 IRB with 100% of the revenue going to the city, retaining $31,304,000 over those 40 years. Fischer Homes Chairman Greg Fischer said they plan to use the $500,000 for the water line installation in year three of development.
Kentucky allows cities to provide IRB financing as an economic development tool to increase the tax base.
During Monday’s meeting, Wilder officials clarified that the passing of this resolution does not allocate these funds. If the funds were to be approved, it would be later on during the development process.
Understanding NKY’s housing shortage
A study of housing in Northern Kentucky has revealed troubling trends for housing in the region, with the largest need being for “workforce housing” for households earning between $15 and $25 per hour, with monthly housing costs between $500 and $1,500. The region needs about 3,000 more housing units to provide for people within that income range, according to the study. The demand for one- to two-bedroom rentals and owned properties consistently exceeds their supply, while supply for three and four-bedroom properties consistently exceeds demand. The study suggests that the region needs to build 6,650 housing units to support economic development in the next five years, which equates to 1,330 units per year. Read more here.
Several Wilder residents spoke in front of Mayor Valerie Jones and the council members, voicing their concerns for the project and the amount it would cost the citizens and the city.
An exit on Three Mile Road is part of the proposed development plan. Wilder resident Tom Everson highlighted current issues on this road and potential problems if this project continues.
“Three Mile is very narrow, [and] the speed limit is 55 mph,” said Everson. “That’s pretty fast for a tiny little road.”
At a previous Wilder meeting where this topic was discussed, Ficher said that Bentwood Hills Drive would see a 20% decrease in traffic due to a new exit being added at Three Mile Road for Bentwood Hills and Sunrock residents.
“We’re going to be adding a new entrance at Three Mile Road to go up to NKU and the intersection at 275,” Fischer said. “So, about 40% of the total traffic is expected to exit towards I-275, and 10% of the traffic from this development will go to Bentwood. I will also say that I’d imagine residents of Bentwood will utilize this as a way to get up to 275. So, that will reduce the total amount of traffic by north of 20% on Bentwood Hills Drive.”
Everson asked the council and Fischer to work to solve these issues before the continuance of the project.
“I would like the council to please consider the issues with the road and the money situation before you proceed,” Everson said.
Before the resolution was passed, City Attorney Aaron Beck advised the council not to put a limit on liability for the developer, this was included in the resolution before it was ultimately voted on.
Greg Fischer sits on the Managing Board of LINK nky, which oversees the business operations of LINK but has no say in editorial matters.