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Tax Incremental District (TID) No. 5 - Regal Place

TID #5 – Regal Place, is a transformative project that will breathe new life into the former Regal Ware Headquarters site. Partnering with American Construction Company and Washington County, this initiative focuses on turning a blighted area into a thriving residential community.

With support from Washington County’s Next Generation Housing Fund, the project will construct 48 beautiful, owner-occupied homes. This redevelopment not only addresses the growing demand for housing but also enhances the Village’s character and vitality.

Together, we’re creating a fresh start for Regal Place—blending thoughtful design and a vision for a brighter future. Stay tuned as we bring this exciting project to life!

Key Points

Village Risks

  • The success of the project relies on tax increment revenues covering the costs of public improvements, incentives, and debt repayments within the TID's lifespan​.
  • Risks are mitigated by requiring performance guarantees and minimum tax increment revenue requirements in development agreements​​.

Increment Value Increase

  • The TID is expected to generate $15.67 million in incremental property value from a redevelopment project converting the former Regal Ware Headquarters into 48 multi-family residential units​​.

Key Public Improvements

  • Knight Avenue sanitary sewer lift station improvements (estimated $1 million total cost, with 50% funded by TID 6 and 10% funded by TID 5).
  • No direct funding for street improvements has been allocated​.

 Economic Impact

  • Incremental tax revenue of $6.87 million is anticipated over the TID's 27-year life, supporting project costs and benefiting local taxing jurisdictions​.
  • The project will contribute to local economic growth by attracting new residents, supporting local businesses, and enhancing community infrastructure​​.

Expected Termination

  • The TID is expected to close by 2043, 10 years before the mandatory closure date, assuming projections hold true​​.

 Site Characteristics and Challenges

  • The 5.72-acre site has been designated as a blighted area due to vacancy, deterioration, and other public welfare concerns​.
  • Redevelopment involves demolition, site preparation, and utility upgrades to make the site suitable for housing

 

TID #5 Project Plan