LELAND, NC (WWAY) — The Town of Leland will give developers of a new subdivision $140,400 to speed up construction.
On Thursday, town council approved an economic development agreement with D.R. Horton for $108,000 and Juniper Creek Development for $34,400.
This came after leaders voted unanimously to annex the 90 acre property, located off US 74-76.
Economic and community development director Gary Vidmar says this agreement will allow the town to have more control over the project and speed up construction, bringing in tax revenue sooner than expected.
“With the anticipated buildout by the fiscal year 2023-2024, the town would have recouped its investment in that development agreement, in each of those two development agreements,” Vidmar said. “And then for the succeeding 8-10 years and beyond, the net income of roughly if I recall, $66,000 a year.”
The town annexed five separate properties during Thursday’s meeting.
You can view agenda documents here.
You can watch a video of the meeting here.