Fieldstream Village will be centered around a village-type commercial core with a central green and commercial space that will be accessible to residents as well as neighbors from surrounding communities.
The residential side of Fieldstream Village will be up to 1,500 market-rate apartments that will add to the housing stock in east Orange County.
From a design perspective, the emphasis will be on pedestrian-friendly spaces and open areas where families can safely gather. Pedestrian access from outside the community to the commercial center of Fieldstream Village will be ensured.
A creative solution for financing infrastructure expenditures
Cloyd’s Landfill remediation
|Estimated cost to excavate & remediate Cloyd’s Dairy Landfill|
|Construction MGT 5%||$1,000,000|
How to pay for remediation
|Private financing||Public-private financing|
|Bank loan||Tax Increment Financing|
|Likely higher interest rate||Lower interest rate via tax-free bonds|
|Increased project risk/Financing may be subject to “lender call”||Secures project funding for a long-term basis|
How TIF Financing Works (The Basics)
Orange County & Developer draw boundary around ‘TIF District.’
Base year established; property taxes from base year continue going to the County.
Project proceeds. Over time, property values rise in the ‘TIF District’
To repay the TIF loan, a portion of the increased tax revenue from the improved property in the TIF District
Once the TIF loan is repaid, the TIF District ‘sunsets,’ and the full property tax revenue accrues to Orange County