The Culver Town Council received an update on a residential project called 'The Dunes'.
Culver Town Manager Kevin Danti updated council members. The project totals 301 units in the residential development. 152 multifamily units that include 36 one-bed, one-bath apartments, 72 two-bed, two-bath apartments, 24 two-bed two-bath patio flats with a one-car garage, and 20 senior style units. Among those are 12 one-bed, one-bath and eight are two-bed two-bath.
Current estimated rents range from $850 to $1100 a month.
This project also includes 121 free-standing homes that range from two-bed, two-baths with two-car garages to three-bed 2.5-baths with two-car garages.
Some of the homes will have basements and 28 duplex units will have full basements.
Culver received a $1.3 million READI grant which will provide the sewer and water infrastructure for this residential project. The Culver Redevelopment Commission agreed to provide the $1.3 million match using TIF funds.
Danti explained some of the infrastructure for the project. Streets, curbs, and sidewalks will be provided in phases using two series of bonds. The first phase will be completed with a bond and the READI grant funding for residential phases 1 and 2. The second bond is conditional depending on the completion of phases 1 and 2 and the market demand for additional homes.
When asked about the amount of the bonds, citizens were told they were still being determined. The amounts will be included in the Economic Development agreement currently being drafted.
The bond ordinance is expected to be presented at the December 12 meeting of the Culver Town Council and the Culver Economic Development Commission will consider a resolution approving the finance documents at their December 18 meeting at the Culver Library. That meeting begins at 5 p.m.
