By HOLLY GASKILL
In a special meeting Monday evening, the Ossian Town Council approved a resolution to pay for $2.5 million in infrastructure costs for a new 168-lot residential housing development.
The town was awarded this amount in June through a low-interest Residential Infrastructure Fund loan through the Indiana Finance Authority. The housing development — Fawn Meadows — will be located west of State Road 1 and Davis Road and include single-family affordable housing and single-family villa housing units, according to the resolution.
The developer, Biggs Inc., anticipates investing approximately $20,450,000. Ossian will provide sewer, water utilities, stormwater management, and other necessary infrastructure improvements.
“So by going and applying for this residential infrastructure fund through (the Indiana Finance Authority), the town has been awarded a low-interest loan, which is right now at about 2.68%,” said Kevan Biggs, president of Biggs Inc. “So the net effect is about 3.6% interest rate versus about a 9-10% interest rate that I would have needed otherwise. So, really, this whole mechanism is just saving the town money.”
The Ossian Economic Development Commission approved a report recommending the partnership directly preceding the Ossian Town Council meeting. The council approved the resolution 4-0; council members Josh Barkley, Stephanie Tucker, Dennis Ealing and Glen Werling were in favor and Jeff Kemper abstained.
Also Monday, the council approved an agreement that Jason Meyer may maintain his construction within the town’s right-of-way along the north boundary of his property at 1609 Diane Dr. Meyer is not permitted to expand any farther into the right-of-way nor allow “debris or refuse to accumulate.” His property taxes will also include the noncompliant construction.
holly@news-banner.com