Hillsboro City Commission Approves Riverwalk Development Agreement
Hillsboro, ND — It was a packed house at the Community Center for The City of Hillsboro’s regularly Scheduled meeting Monday Night. During the meeting, the developers of the Riverwalk Development, Pat Muller and Jon Lowery gave a presentation updating where the project is at and what they need from the commission moving forward. Lowery said the project has shown interest from many groups but they were hesitant to move forward until the developer’s agreement was approved, and that they hoped they could it get approved during the meeting. In a unanimous 5-0 vote the commission approved the agreement, which according to Mayor Terry Sando will allow the project to move forward.
One item of contention was a 50% line of credit that the city would be responsible for should the developers fail to sell the lots or go bankrupt, equaling $1.5 million of the phase 1’s estimated $3 Million cost. Sando says this credit will help the city should either of those scenarios happen.
While many of the city may be weary after the two previous developments were a strain on the city Sando says after negotiation for almost two years on the project the terms are fare, and the project is low risk to the city.
Now that this hurdle has been cleared sando says the city and developers can now proceed to bid out infrastructure projects and negotiation with builders about available lots.
In addition, meeting notes the city agreed to rollover their emergency bank CD, approved the purchasing of two desktop scanners for city hall, and signed the USDA water main loan resolution that was passed at the last commission meeting.