Developers seek TIF money for subdivision on Princeton's southwest side

Koberstein Contracting spokesman Greg Koberstein and Anita Waldroup, a Realtor with F.C. Tucker Emge Real Estate, asked Gibson County Commissioners Tuesday to recommend their $1.6 million TIF funding request to the Gibson County Redevelopment Commission for consideration.

The development of the 16-acre subdivision platted in the 1970s along White Church and Binkley Road would focus on new homes in the $140,000 to $200,000 price range — which are sorely lacking in the Princeton housing market, according to Waldroup.

The TIF funding request would pay for water and sewer lines, broadband conduit, electric and natural gas utilities and roads.

Waldroup told commissioners if the subdivision is fully developed, it could bring:

• more than 100 new residents to Princeton, generating an estimated $37,083 in new real estate property taxes paid per year ($370,830 over a 10-year period)

• an estimated $115,902 in EDIT income tax paid over a decade,

• and provide other benefits ranging from increased funding for North Gibson School Corp. to more money circulating in the Princeton economy.

She told the board that infrastructure has been the barrier to developing the property over the past year of her marketing efforts.

With no sewer utilities, the cost of septic systems can increase new home construction by $10,000 to more than $15,000, overshadowing a reasonable lot purchase price of $9,900, she reported. 

Waldroup said Princeton’s housing development began in the 1950s and grew over the next 30 years in Tower Heights, Dike Addition, Broadview Circle, Columbia Village and other subdivisions, including Sandy Ridge Estates.

But in most of those areas (except Northbrook and Sandy Ridge), she said there are no lots available for construction. Realtors are selling homes in those areas, but they are as much as 50 years old.

Yet in Fort Branch and Haubstadt, new home construction is happening, she pointed out. “Drive through Briarwood or Hunters Crossing in Haubstadt along with Little York Village in Fort Branch, and you will see construction and the completion of new homes. Those areas do not have anything that we cannot have.”

“Right now, there is minimal new construction happening in Northbrook Hills, at a rate of one spec home per year,” she told commissioners. “There are plenty of lots available for new housing, but I believe that the price of the lots, square footage requirements and building costs make it impossible to build a new home under $200,000. We do need Northbrook Hills, but it does not fit everyone’s needs.

“Our neighboring communities to the south are building and those homes are selling. If we can start development in just one area, offering affordable medium-priced homes, I assure you more will come,” she told the board. 

Princeton’s population has dropped 65 people since 2010, while Fort Branch’s population increased by 479 people and Haubstadt, by 14 residents.

“More people means higher tax revenues, increased patrons to local businesses and higher involvement in local civic organizations. New construction boosts our economy by helping our local home improvement centers, carpenters and other tradesmen, real estate professionals and local insurance offices. More families in town will also benefit churches and our school enrollment as well,” she reported.

Commissioners told Waldroup and Koberstein that they’ll take the proposal under advisement for about a month and consider Oct. 27 whether they’ll pass the request to the redevelopment commission.

The redevelopment commission decides which funding requests for TIF money are granted.